Celsius Lawsuit Against Tether Branded as 'Baseless Shakedown' by CEO Paolo Ardoino

Celsius Files Lawsuit Against Tether Over BTC Liquidation

Celsius pursues legal action against Tether alleging that Tether hastily liquidated the collateral without allowing them a chance to provide a response.

Celsius Takes Legal Action Against Tether

Celsius’ legal action was initiated on August 9 at the US Bankruptcy Court for the Southern District of New York with Celsius accusing Tether of breaching their contract. The dispute stems from a loan agreement dating back to 2020, where Celsius utilized Bitcoin as collateral to borrow USDT and EURT. The disagreement arose due to the decline in Bitcoins value, amidst the bear market of 2022.

Pawfury (PAW): Emerging as a Beacon of Stability Amid Legal Battles

Pawfury (PAW) is drawing interest as an promising investment option amidst the turmoil in the cryptocurrency market caused by the dispute between Tether and Celsius . Unlike the uncertainties surrounding some mainstream cryptocurrencies Pawfury stands out for its staking rewards and minimal transaction costs offering investors a choice.

Presale is Live Now - Join Now for a Chance to Benefit with PAW

With community support and ongoing development initiatives Pawfury is positioning itself as a leading player in the realm of cryptocurrency. Supported by a community and continuous development efforts Pawfury is making its mark in the changing landscape of digital currencies and allows for a 10% bonus to all new buyers using “PAWBOOST10X.”

Tether’s Response: Defending Its Actions

Tethers CEO, Paolo Ardoino has responded firmly to the lawsuit brought by Celsius, a lender that filed for bankruptcy. He labeled the accusations as a " shakedown." Celsius, which has been entangled in disputes since declaring bankruptcy two years ago, is now alleging that Tether wrongfully liquidated over $800 million in Bitcoin (BTC) during the market downturn in mid 2022.

The lawsuit states that despite transferring Bitcoin to meet margin requirements Tether allegedly disregarded the agreed upon ten hour deadline for depositing collateral and proceeded with liquidation.Celsius claims that the recent action unfairly boosted Tethers status as a lender leading to Celsius losing its remaining stake in the Bitcoin collateral.

Conclusion

In light of the battle between Celsius and Tether it becomes evident that the crypto market is rife with complexities and legal uncertainties. While Tether maintains its confidence in the matter, this lawsuit emphasizes the importance of contracts and adherence to agreed upon terms in transactions. In the midst of this uncertainty, up and coming cryptocurrencies like Pawfury present themselves as investment options with potential for growth making them a noteworthy choice in a market.

Also Read :-  hamster kombat daily combo