TechFlow reports on August 10 that Tether CEO Paolo Ardoino posted on X, stating that in 2022, Tether provided USDt to certain clients, including Celsius. When Bitcoin prices fell below the margin call level, borrowers were required to post additional collateral; otherwise, Tether had the right to liquidate their positions. In June 2022, Celsius instructed Tether to sell its Bitcoin holdings. Tether subsequently liquidated these Bitcoin assets and returned the surplus, demonstrating its risk management capabilities and liquidity quality. Now, Celsius has initiated litigation demanding the return of the sold Bitcoin. Tether expressed full confidence in the validity of its contracts and actions, stating it will not be intimidated, and will prove the correctness of its conduct in court.
Earlier report: Tether released a statement on its official website announcing it would defend against Celsius's "extortionate" lawsuit seeking the return of approximately $2.4 billion worth of BTC.
