⚖️ Tether contests Celsius Network’s $2.4B lawsuit, asserting it acted properly in a 2022 loan deal, following Celsius' instructions during Bitcoin's drop.

📰 https://btctimes.com/tether-responds-to-2-4-billion-lawsuit-filed-by-celsius-network/

📣 https://x.com/btc/status/1822315896053940275

Germany dumping, Mtgox coins, US government selling, recession, ww3, panic selling

bitcoiners are a different breed

🚨 Gather around anons, it's time to expose Celsius 🍿

In 2022, Tether made available USDt to some of its customers – including Celsius.

Tether's arrangements with customers are very simple: Tether provides USDt to selected customers who provide an overcollateralization in Bitcoin.

If the price of bitcoin (the collateral) falls below the margin call price, then the borrower needs to send more collateral. If more collateral is not sent, Tether has the right to liquidate the customer’s position.

Simple.

In 2022 the world discovered that, while almost every player in the crypto industry was lending to its customers while requiring just a pinky swear as collateral, Tether required overcollateralization with sound assets (e.g., Bitcoin).

This is how Tether provides unparalleled risk management.

In June 2022, when Bitcoin price declined, Celsius instructed Tether to sell the Bitcoin that Tether held as collateral. Tether was able to liquidate those Bitcoin and return the excess to Celsius (and disclosed transparently the action at that time tether.io/news/tether-di… ). Showing the quality of Tether's risk management and liquidity.

Now, more than two years later, this baseless lawsuit is trying to claim that we should give back the bitcoin that were sold to cover Celsius’ position.

Absurd.

This lawsuit will be fought till the end. It's important to set an example on behalf of the entire industry that shameless money grabs will not work.

When it comes to the safety of USDt users, without doubt our main priority and duty, Tether group has equity of nearly $12 billion (as recently announced tether.io/news/tether-q2… ) . Even in the most remote scenario in which this baseless lawsuit will get somewhere, USDt token holders will not be impacted.

h/t Paolo Ardoino

The proper target is n+1

fun last couple days amirite

Based af

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