Tether faces a $44.7 million stablecoin freeze lawsuit, with the plaintiff claiming that non-compliant freezing actions led to missed investment opportunities

ChainCatcher news, recently, Texas-based company Riverstone Consulting officially filed a lawsuit, accusing stablecoin issuer Tether of illegally freezing its tokens and causing it to miss significant investment opportunities.

According to the complaint submitted to the Southern District Court of New York, Tether froze assets from 8 offline wallets controlled by Riverstone. The plaintiff claims that Tether froze the assets solely based on a request from a local police department in Bulgaria, which constitutes a procedural flaw, as it did not follow the formal process stipulated by the "Bulgaria International Judicial Assistance Treaty." The complaint states that when Riverstone contacted Tether, they were told to communicate directly with the Bulgarian police, who have not responded. Currently, Tether's stablecoin circulation exceeds $180 billion, and as of September 15, it has cooperated with global law enforcement to freeze $3.2 billion USDT.