An US bankruptcy judge ruled that the Multibilion-Doller-dollar case of the Celsius Network against Tether may proceed, which during the collapse of the Crypto lender, “unfairly” the collateral collateral of the Celsius “improperly” denied “unfairly”.
According to court documents Filed In New York on Monday, Celsius alleged that the Tater (USDT) carried out the “fire cell” of 39,500 bitcoins (BTC) in June 2022, implemented in the Celsius’ income against the loan of $ 812 million of Celsius, without agreeing procedures.
Celsius claims that Tether’s actions violated their lending agreement, violated “goodwill and fair behavior” under the British Virgin Islands Act, and to avoid fake and preferential transfer under the US insolvency code.
Complaint centers collapsed on a margin call Tether released as bitcoin prices. Celsius argues that Tether sold his collateral before a 10 -hour waiting period, liquid the BTC at an average price of $ 20,656 (below the market level) and later transferred the property to its bitfinex accounts.
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Celsius lost $ 4 billion in Tether BTC sales
The filing alleges that the cost of the liquidation of the Tether is more than the BTC of more than $ 4 billion.
Celsius further claims that Tither’s functions include US-based communication, personnel and financial accounts, which establishes adequate relations for American jurisdiction despite the inclusion of Titu in the British Virgin Islands and Hong Kong.
The judge agreed that Celsius made a laudable case that transfer and alleged misconduct were “domestic” in nature, dismissing Titu’s argument that claims represent an impenetrable supernatural application of the US insolvency law.
In August 2024, Tedhar demanded a completely dismissal of the case, claiming that the US court lacked jurisdiction and Celsius allegations fail valid claims in the state. While the court dismissed some cases, it allowed the Celsius contracts, fraud transfer and priority claims to proceed.
Celsius, once among the largest lenders of Crypto, was officially out of bankruptcy on 31 January 2024 after the 18 -month restructuring process. The company is now repaying the creditors.
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In June, Tedhar CEO Paolo Erdino said the company had no plans to be public. Ardoino responded to speculation about a potentially Tether IPO, dismissing the idea as the observers suggested that a public offering Stabelin could give a price of more than $ 500 billion to the legend, which is larger than corporations such as Costco or Coca-Cola.
Calling the evaluation of $ 515 billion a “beautiful number”, Ardoino suggested that it could also reduce the tetter, with its massive bitcoin and gold reserves.
Meanwhile, Tather continued to expand his bitcoin footprint, twenty -one of Jack Molers became the majority owner of a capital, now the world’s third largest corporate bitcoin holder. Tather recently shifted around 37,230 BTC, priced at around $ 3.9 billion, for the address tied on the platform.
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