The USDT Tether issuer was brought to a blow in his trial of several billion dollars with Celsius after an American bankruptcy judge ruled that the trial could continue. The judge rejected Tether’s attempt to reject the allegations according to which she “badly” liquidated the guarantee of Bitcoin de Celsius during the collapse of the Crypto lender in 2022.
By court documents deposited in New York on June 30, Celsius affirms that Tether has executed a “fire sale” of more than 39,500 bitcoin
In June 2022, which he then used against the debt of $ 812 million in Celsius without following the pre-aggressive procedures.
Tether loses the attempt to reject the Celsius costume seeking to recover what is now more than $ 4 billion in BTC that Tether took Celsius while he was bankrupt
Being offshore does not allow you to escape the American courts – especially when almost all of Tether’s assets are seated in the United States#Attached pic.twitter.com/rdshox2n0c
– Novacula occami (@occamicrypto) July 1, 2025
The Celsius Bitcoin trial against Tether – says that the liquidation of Tether cost the company more than $ 4 billion in Bitcoin at current prices
Celsius believes that Tether’s actions in the summer of 2022 violated his loan agreement, violated the principle of “good faith and fair negotiation” under the law of the British virgin islands and made up of fraudulent and preferential transfers which are avoidable under the code of bankruptcy of the United States.
The complaint stems from a margin call attachment issued as the Bitcoin price has dropped. Celsius argues that Tether sold his warranty before a 10-hour pre-action waiting period, liquidating the position of the BTC at an average price of $ 20,656 below the market levels, then transferring the product to its own Bitfinex accounts.
In the file, Celsius alleys that Tether’s liquidation of his Bitcoin position cost him more than $ 4 billion in current prices. He also said that Tether’s actions involved American communications, staff and financial accounts.
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This is essential, as if it were true, it would establish sufficient links for the American jurisdiction, despite the incorporation of Tether in the British Virgin Islands and Hong Kong.
In an early victory for Celsius, the American judge agreed that Celsius argued that alleged transfers and misconduct were of a “domestic” nature, rejecting the Tether’s argument that complaints are not outside the court of the American bankruptcy law.
Last year, in August, Tether tried to reject the full trial, claiming that the American court did not have jurisdiction and that the allegations of Celsius fail to assert valid allegations. Although the court rejected certain charges at the time, it allowed Celsius to violate the contract, allegations of transfer and fraudulent preference of Celsius.
CEO of Tether in the news after having refuted says that the company is becoming public
Last month, in June, the CEO of Tether, Paolo Ardoino, said that the company did not intend to make public, following numerous speculations. Ardoino responded to rumors of a potential IPO, rejecting the idea.
This public refusal has not stopped chatter, analysts affirming that a public offer could enhance the giant of stablescoin at more than $ 500 billion, which would place it more than global companies such as Walmart or Coca-Cola.
Ardoino, however, called the $ 515 billion assessment a “beautiful number”, although he suggested that he could even undervaluate the attachment, taking into account his important assets of bitcoin and gold.
Tether’s flagship product, the USDT USDT flexible stablecoin is the third digital active, following Ethereum and Bitcoin, with a market capitalization of more than $ 157 billion. It is by far the most used Stablecoin on the market, evidenced by its daily negotiation volume of $ 38 billion.
(SOURCE))
The Stablecoin USDC de Circle, widely recognized as the second stablecoin to support the USD, has a market capitalization of $ 61 billion and a daily negotiation volume of only $ 7 billion. Circle was recently in the news after being made public after a successful IPO. It increased by 11% per day, exchanging $ 192 and a market capitalization of around $ 42 billion.
Since the stablecoin USDT of Tether deals almost the same volume of daily trading as all of Circle’s market capitalization, it is not surprising that Paolo Ardoino thinks that $ 515 billion for Tether can be undervalued.
Meanwhile, Tether continues to extend his African footprint. Yesterday, he announced that he had signed a memorandum of understanding (MOU) with the Zanzibar e-Government Authority (EGAZ) to advance the education of digital assets and financial innovation.
The Stablecoin transmitter plans to integrate its stablescoins to support USDT to support USD and support Gold Xaut in the Zanmalipo payment gateway, improving the available options locally. It is part of TETH’s long -term expansion strategy for Africa, aimed at stimulating the adoption of digital assets on the continent.
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