Celsius Sues Tether to Recover $2 Billion in Bitcoin Transfers

Celsius Network is seeking to claw back transfers potentially worth $2 billion from leading stablecoin lender Tether Ltd., calling them fraudulent.

The transfers were made under a 2020 agreement in which Tether lent stablecoins that Celsius used to fund its day-to-day operations. Celsius posted cryptocurrency as collateral for the loans.

Tether violated that agreement when in the summer of 2022 it made demands for additional collateral from Celsius and liquidated cryptocurrency transferred from Celsius to Tether as collateral, Celsius said in a complaint filed Aug. 9 in the US Bankruptcy Court for the Southern District of New York. The onetime ...