A US judge has allowed Celsius’s lawsuit over Tether’s $4 billion Bitcoin liquidation to move forward, rejecting key parts of Tether’s dismissal bid.
A US bankruptcy judge ruled that Celsius Network’s multibillion-dollar lawsuit against Tether can proceed, denying in part Tether’s attempt to dismiss claims that it “improperly” liquidated Celsius’s Bitcoin collateral during the crypto lender’s collapse.
According to court documents filed in New York on Monday, Celsius alleges that Tether (USDT) executed a “fire sale” of over 39,500 Bitcoin (BTC) in June 2022, applying the proceeds against Celsius’s $812 million debt without following agreed-upon procedures.
Celsius claims Tether’s actions breached their lending agreement, violated “good faith and fair dealing” under British Virgin Islands law, and constituted fraudulent and preferential transfers avoidable under the US Bankruptcy Code.
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