Celsius Network Seeks to Recover Billions in Bitcoin From Tether

Celsius Network Ltd. seeks to recover billions in Bitcoin from USDT issuer Tether and its affiliated entities, the bankrupt crypto lender said in a new court filing.

Celsius Network Ltd. is suing USDT issuer Tether and its affiliated entities to recover billions in Bitcoin, the bankrupt crypto lender said in a new court filing.

The lawsuit alleges that Tether breached its token agreement with Celsius when it applied the company’s property (Bitcoin) held as collateral to pay itself for Celsius’s outstanding loan. Celsius claims this occurred during the ninety days before it filed for bankruptcy on July 13, 2022.

The Token Agreement

Celsius and Tether signed the token agreement in February 2020 to allow the crypto lender to borrow USDT from the company by posting collateral in Ether, Tether Gold, or Bitcoin, according to the complaint.

The parties amended the agreement in January 2022 and introduced a requirement that mandated Tether to send a notice of a collateral demand to Celsius if the company’s collateral fell below a specified threshold. The agreement provided Celsius ten hours to satisfy the collateral demand.

Celsius said it borrowed 512,330,000 USDT from Tether under the amended token agreement and posted 16,505.17 BTC as collateral to secure the loan.

文件顯示，隨著 4 月 22 日比特幣價格開始下跌，Tether 根據修訂後的代幣協議提出了多項要求，以提高其先前由攝氏度所欠債務的安全性。加密貨幣貸款機構回應稱，存入了 16,737.27 比特幣作為額外抵押品，並聲稱這些抵押品並未存放在獨立的錢包或帳戶中。

雖然隨後從 Tether 借入了更多 USDT 並以比特幣形式提供了各自的抵押品，但事情在 2022 年 6 月 12 日出現了問題，當時 Tether 發出了額外抵押品的新要求。

Celsius 尋求 2B 美元回補

Celsius 聲稱，Tether 在 6 月 12 日深夜（東部時間）發送了第一個需求，並在第二天向穩定幣發行人轉移了 3,041.73 比特幣來滿足這一要求。據報道，幾個小時後，Tether 向攝氏度提出了第二次抵押要求，並「要求立即付款。」

這違反了兩家公司簽署的代幣協議。

Tether 據稱使用了 Celeste 的全部抵押品：39,542.42 比特幣，價值 816,822,948 美元。

有爭議的比特幣以當前市場價格計算價值超過 20 億美元。

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