Celsius Files a Lawsuit Against Tether

Reading Time: < 1 minute

Celsius has taken legal action against Tether for alleged misappropriation of assets. In the lawsuit, Celsius is seeking the return of approximately $3.5 billion in Bitcoin, as well as damages and legal fees.

Tether, on the other hand, states that Celsius is specifically seeking the return of $2.4 billion worth of Bitcoin.

However, court documents reveal that Celsius is requesting 57,428.64 BTC, or its equivalent in current market value, in addition to compensation for damages and legal fees.

The lawsuit claims that Tether had loaned Celsius a certain amount of their stablecoin, which is backed by the US dollar, during Celsius’ bankruptcy proceedings.

In exchange, Celsius provided Tether with 39,542.42 BTC as collateral.