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Celsius Granted Permission by Judge to Continue $4 Billion Lawsuit Against Tether
Gate News bot message: A U.S. bankruptcy judge has rejected Tether's jurisdictional objection, ruling that Celsius Network's $4 billion lawsuit against Tether will proceed.
According to the lawsuit, Celsius Network claims that Tether liquidated approximately 39,500 bitcoins collateral in June 2022 without following the procedural requirements of the lending agreement between the two parties. The liquidation caused Celsius Network a loss of over $4 billion.
The current judge has determined that the claims of breach of contract, fraudulent transfer, and priority raised by Celsius Network have a basis for continuing litigation.