Celsius Wins Lawsuit Against Tether Over Alleged $4 Billion in Lost Value

Celsius Network has been granted permission to pursue a lawsuit against Tether, alleging that the latter's "fire sale" of 39,500 BTC during Celsius' collapse in 2022 resulted in a $4 billion loss in value. Tether disputes these claims, stating that the Bitcoin was sold at Celsius' direction and with its consent. The lawsuit also accuses Tether of violating good faith provisions and making fraudulent and preferential transfers. The case stems from Celsius' bankruptcy in mid-2022, and the lender has begun repaying creditors after exiting Chapter 11 proceedings in January.