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Celsius Network has been granted permission by a US Bankruptcy Court judge to pursue multiple claims against Tether Limited, including allegations of preferential transfers and unjustly liquidated assets. This decision marks a significant victory for Celsius in its ongoing legal battle with the stablecoin issuer.
The court’s ruling allows Celsius to proceed with its lawsuit, which seeks to recover over $4 billion worth of Bitcoin from Tether. The dispute centers on Tether’s actions during the collapse of Celsius Network in 2022, when the company was forced into bankruptcy.
Celsius argues that Tether violated US bankruptcy laws by receiving preferential transfers and unjustly liquidating tens of thousands of Bitcoin. These actions, according to Celsius, have significantly impacted its financial position and left a substantial amount of assets at risk.
The court has dismissed some claims brought forth by Celsius, including those related to specific Tether entities due to a lack of personal jurisdiction. Additionally, the judge ruled that Celsius failed to prove Tether breached duties under British Virgin Islands law regarding good faith and fair dealing.
Despite these setbacks, the court’s decision allows Celsius to move forward with its core claims, which could have significant implications for the crypto industry if successful. The outcome of this case may set a precedent for similar legal battles in the future.
The dispute is centered around 57,000 BTC, which Celsius asserts were either seized, liquidated prematurely, or transferred in excess of agreed terms.
Source: cryptoslate.com
