TechFlow news, October 17 — According to DL News, Texas-based company Riverstone Consultancy Inc. is suing Tether, demanding the unfreezing of $44 million worth of USDT.
In April this year, stablecoin issuer Tether froze $44.7 million in USDT distributed across eight offline crypto wallets at the request of Bulgarian police. Riverstone alleges that Tether "improperly and unreasonably" froze these tokens, claiming Tether failed to follow proper freezing procedures.
According to the lawsuit, treaties between Bulgaria and foreign nations stipulate that any request to seize or freeze assets abroad must go through specific procedures involving information exchange and documentation between Bulgaria's central authority and its diplomatic liaison office.
Analysis by cryptocurrency forensics experts indicates the funds may be linked to Ponzi investment scams such as BETL, Pegasus Ride, and LSSC.
