U.S. judge rules that Celsius can proceed with $4 billion Bitcoin liquidation lawsuit against Tether

ChainCatcher news, according to Cointelegraph, a U.S. judge has dismissed part of Tether's motion to dismiss, allowing Celsius Network to proceed with its billion-dollar lawsuit against Tether. Celsius alleges that Tether improperly liquidated approximately 39,500 bitcoins pledged as collateral in June 2022, violating the procedures outlined in the lending agreement between the two parties, resulting in losses of over $4 billion for Celsius.

Although Tether argued that U.S. courts lack jurisdiction, the judge determined that Celsius's claims of breach of contract, fraudulent transfer, and priority can continue to be heard.