{"id":634671,"date":"2024-08-11T18:00:41","date_gmt":"2024-08-11T18:00:41","guid":{"rendered":"https:\/\/www.wncen.com\/?p=634671"},"modified":"2024-08-11T10:40:14","modified_gmt":"2024-08-11T10:40:14","slug":"celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/","title":{"rendered":"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy"},"content":{"rendered":"

Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was filed concerning a contract dispute dating back to 2022, alleges that Tether violated their agreement by unjustifiably liquidating 39,542.42 Bitcoins that were held as collateral for a loan issued in USDT. <\/span>Celsius contends that Tether’s decision to sell the Bitcoin at that time was improper and a breach of the loan agreement.<\/span><\/p>\n

Celsius Files Lawsuit Against Tether<\/b><\/h2>\n

Celsius Network’s disparity with Tether kicked off with a <\/span>Bitcoin crash <\/span><\/a>in 2022 and ultimately contributed to the crypto lender <\/span>filing for bankruptcy<\/span><\/a> in July 2022. The legal dispute centers around a revised agreement made in January 2022, which permitted Celsius to borrow USDT from Tether by securing the loan with collateral in Ether, Tether Gold, or Bitcoin. <\/span><\/p>\n

Related Reading: Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level?<\/a><\/div>\n

At the height of its borrowing, Celsius had secured nearly $2 billion in USDT from Tether, using tens of thousands of Bitcoins as collateral.<\/span><\/p>\n

As per the new agreement, Tether would be required to post a notice and wait for 10 hours if the value of the collateral were to fall below a specific threshold. However, Bitcoin’s crash in early 2022 meant the value of the Bitcoin collateral held by Tether tanked in tandem. <\/span><\/p>\n

As such, Tether required Celsius to post more collateral, a demand which it complied with by transferring 15,658.21 Bitcoin and another 2,228.01 Bitcoin of excess collateral for another loan.<\/span><\/p>\n

The<\/span> complaint<\/span><\/a> alleges that on June 13, 2022, Tether issued another demand for additional collateral. Contrary to the agreement’s requirement to wait for ten hours, Tether reportedly proceeded to liquidate the entire Bitcoin collateral without allowing Celsius the stipulated period to address the demand.<\/span><\/p>\n

\u201cTether forged ahead with an improper application of 39,542.42 Bitcoin\u2014the entirety of collateral that Celsius had posted\u2014\u2014using the pledged Bitcoin to cover its exposure in full, but destroying Celsius\u2019s residual interest in the collateral,\u201d the lawsuit read.<\/span><\/p>\n

Bitcoin is now trading at $61,154. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Lawsuit Is Baseless, Tether Says<\/strong><\/h2>\n

Back then, the 39,542 BTC collateral for which Celsius is seeking a refund was worth around $800 million. However, the value of Bitcoin has grown since then, and the collateral is now worth more than $2 billion at today’s prices.\u00a0<\/span><\/p>\n

In <\/span>response<\/span><\/a>, Tether addressed the lawsuit as baseless. The stablecoin company also confirmed Celsius Network’s $2.4 billion BTC claim, albeit while describing it as another “shameless litigation money grab” to which it will never succumb.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000<\/a><\/div>\n

Moreover, the lawsuit also demands the return of an additional 15,658.21 Bitcoins and 2,228.01 Bitcoins from a top-up transfer, bringing the total claimed value to over $3.5 billion at today\u2019s Bitcoin prices.<\/span><\/p>\n

In other news, Tether’s USDT recently<\/span> crossed a new milestone<\/span><\/a> of a $115 billion market cap.<\/span><\/p>\n

Featured image from WSJ, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was filed concerning a contract dispute dating back to 2022, alleges that Tether violated their agreement by unjustifiably liquidating 39,542.42 Bitcoins that were held as collateral for a loan issued in USDT. Celsius contends that Tether’s decision to sell the Bitcoin at that time was improper and a breach of the loan agreement. Celsius Files Lawsuit Against Tether Celsius Network’s disparity with Tether kicked off with a Bitcoin crash in 2022 and ultimately contributed to the crypto lender filing for bankruptcy in July 2022. The legal dispute centers around a revised agreement made in January 2022, which permitted Celsius to borrow USDT from Tether by securing the loan with collateral in Ether, Tether Gold, or Bitcoin. Related Reading: Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level? At the height of its borrowing, Celsius had secured nearly $2 billion in USDT from Tether, using tens of thousands of Bitcoins as collateral. As per the new agreement, Tether would be required to post a notice and wait for 10 hours if the value of the collateral were to fall below a specific threshold. However, Bitcoin’s crash in early 2022 meant the value of the Bitcoin collateral held by Tether tanked in tandem. As such, Tether required Celsius to post more collateral, a demand which it complied with by transferring 15,658.21 Bitcoin and another 2,228.01 Bitcoin of excess collateral for another loan. The complaint alleges that on June 13, 2022, Tether issued another demand for additional collateral. Contrary to the agreement’s requirement to wait for ten hours, Tether reportedly proceeded to liquidate the entire Bitcoin collateral without allowing Celsius the stipulated period to address the demand. \u201cTether forged ahead with an improper application of 39,542.42 Bitcoin\u2014the entirety of collateral that Celsius had posted\u2014\u2014using the pledged Bitcoin to cover its exposure in full, but destroying Celsius\u2019s residual interest in the collateral,\u201d the lawsuit read. Lawsuit Is Baseless, Tether Says Back then, the 39,542 BTC collateral for which Celsius is seeking a refund was worth around $800 million. However, the value of Bitcoin has grown since then, and the collateral is now worth more than $2 billion at today’s prices.\u00a0 In response, Tether addressed the lawsuit as baseless. The stablecoin company also confirmed Celsius Network’s $2.4 billion BTC claim, albeit while describing it as another “shameless litigation money grab” to which it will never succumb.\u00a0 Related Reading: Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000 Moreover, the lawsuit also demands the return of an additional 15,658.21 Bitcoins and 2,228.01 Bitcoins from a top-up transfer, bringing the total claimed value to over $3.5 billion at today\u2019s Bitcoin prices. In other news, Tether’s USDT recently crossed a new milestone of a $115 billion market cap. Featured image from WSJ, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":634675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,83722,6664,2718,4100,10263],"class_list":["post-634671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-celsius","tag-crypto","tag-lawsuit","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nCelsius Takes Legal Action Against Tether For $2.4 Bitcoin Collateral Controversy<\/title>\n<meta name=\"description\" content=\"Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Celsius Takes Legal Action Against Tether For $2.4 Bitcoin Collateral Controversy\" \/>\n<meta property=\"og:description\" content=\"Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-11T18:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-11T10:40:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Matherson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/MathersonScott\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Matherson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\"},\"author\":{\"name\":\"Scott Matherson\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\"},\"headline\":\"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy\",\"datePublished\":\"2024-08-11T18:00:41+00:00\",\"dateModified\":\"2024-08-11T10:40:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\"},\"wordCount\":494,\"publisher\":{\"@id\":\"https:\/\/www.wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720\",\"keywords\":[\"altcoins\",\"celsius\",\"crypto\",\"lawsuit\",\"tether\",\"USDT\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\",\"url\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\",\"name\":\"Celsius Takes Legal Action Against Tether For $2.4 Bitcoin Collateral Controversy\",\"isPartOf\":{\"@id\":\"https:\/\/www.wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720\",\"datePublished\":\"2024-08-11T18:00:41+00:00\",\"dateModified\":\"2024-08-11T10:40:14+00:00\",\"description\":\"Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was\",\"breadcrumb\":{\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage\",\"url\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720\",\"contentUrl\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720\",\"width\":1280,\"height\":720,\"caption\":\"Celsius\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.wncen.com\/#website\",\"url\":\"https:\/\/www.wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/www.wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/www.wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\",\"name\":\"Scott Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott\"],\"url\":\"https:\/\/www.wncen.com\/author\/mathersonscott1\/\"}]}<\/script>\n","yoast_head_json":{"title":"Celsius Takes Legal Action Against Tether For $2.4 Bitcoin Collateral Controversy","description":"Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/","og_locale":"en_US","og_type":"article","og_title":"Celsius Takes Legal Action Against Tether For $2.4 Bitcoin Collateral Controversy","og_description":"Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was","og_url":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2024-08-11T18:00:41+00:00","article_modified_time":"2024-08-11T10:40:14+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720","type":"image\/jpeg"}],"author":"Scott Matherson","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/MathersonScott","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Scott Matherson","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#article","isPartOf":{"@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/"},"author":{"name":"Scott Matherson","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d"},"headline":"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy","datePublished":"2024-08-11T18:00:41+00:00","dateModified":"2024-08-11T10:40:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/"},"wordCount":494,"publisher":{"@id":"https:\/\/www.wncen.com\/#organization"},"image":{"@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720","keywords":["altcoins","celsius","crypto","lawsuit","tether","USDT"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/","url":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/","name":"Celsius Takes Legal Action Against Tether For $2.4 Bitcoin Collateral Controversy","isPartOf":{"@id":"https:\/\/www.wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage"},"image":{"@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720","datePublished":"2024-08-11T18:00:41+00:00","dateModified":"2024-08-11T10:40:14+00:00","description":"Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was","breadcrumb":{"@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#primaryimage","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720","contentUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720","width":1280,"height":720,"caption":"Celsius"},{"@type":"BreadcrumbList","@id":"https:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.wncen.com\/"},{"@type":"ListItem","position":2,"name":"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy"}]},{"@type":"WebSite","@id":"https:\/\/www.wncen.com\/#website","url":"https:\/\/www.wncen.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/www.wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/www.wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/www.wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d","name":"Scott Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy","url":"http:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","celsius","crypto","lawsuit","tether","usdt"],"dateCreated":"2024-08-11T18:00:41Z","datePublished":"2024-08-11T18:00:41Z","dateModified":"2024-08-11T18:00:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_0cba24.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_0cba24.jpg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"celsius\",\"crypto\",\"lawsuit\",\"tether\",\"usdt\"],\"dateCreated\":\"2024-08-11T18:00:41Z\",\"datePublished\":\"2024-08-11T18:00:41Z\",\"dateModified\":\"2024-08-11T18:00:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/a_0cba24.jpg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/634671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=634671"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/634671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/634675"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=634671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=634671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=634671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}