Detalles de Insights

In 2020, Celsius entered into an agreement with Tether to borrow stablecoins USDT and EURT at low interest rates. At its peak, Celsius had over $2 billion in loans from Tether, secured by a significant amount of Bitcoin as collateral. Amid the Bitcoin crash in mid-2022, the crypto lender’s collateral was at liquidation risk. According to the agreement, the company was required to provide additional collateral. Celsius claims that Tether acted in bad faith by hastily liquidating a significant amount of cryptocurrency and breaching the terms of the agreement. The document says this ultimately led to financial difficulties and bankruptcy for the company. Celsius’s lawsuit’s main goal is to return the Bitcoin assets, which the crypto lender claims were sold below market value and with numerous violations