conduit

According to Decrypt, the cross-border payment company Conduit has filed a lawsuit against the stablecoin issuer Tether in the U.S. District Court for the Southern District of New York. Conduit alleges that Tether unilaterally froze $2.76 million worth of USDT in its treasury wallet on September 24, 2025, and has refused to unfreeze it for over a year.The complaint shows that the freeze originated from a Brazilian police investigation into a third party, Onix, but Conduit claims that the wallet in question was created after Onix's last transaction and has never held Onix's funds. The Brazilian police did not mark the address, and the freeze decision was made independently by Tether's T3 Financial Crimes Department.Conduit states that the wallet freeze has caused a severe liquidity crisis, forcing the company to lay off employees and close offices; meanwhile, Tether continues to earn interest on the reserves corresponding to these funds by investing in U.S. Treasury bonds. The lawsuit seeks claims for conversion of property, unjust enrichment, breach of fiduciary duty, and computer fraud, demanding the return of the funds.Recently, Tether has been involved in lawsuits due to on-chain freeze rights, with two Thai businessmen previously suing Tether for freezing $42.4 million in USDT earlier this year. This case has once again sparked controversy in the market regarding Tether's unilateral power to freeze USDT addresses.

The cross-border payment company Conduit has filed a lawsuit in the Southern District of New York Federal Court, accusing the stablecoin issuer Tether of freezing its $2.76 million in funds and refusing to unfreeze or provide any explanation. Conduit states that its USDT has been locked for over a year. The complaint claims, "Conduit owes no money to Tether and has no obligations to Tether."Conduit uses stablecoins, including Tether's USDT and Circle's USDC, to transfer funds across more than 100 countries. The lawsuit states that the wallet frozen by Tether is equivalent to Conduit's "operating bank account." This freeze reportedly stems from an investigation involving Conduit's former client Onix Intermediações, which was received by the Brazilian Federal Police. However, Conduit claims that law enforcement has confirmed it never requested the freezing of the payment service provider's funds wallet, and it is unclear why Tether took action; a Brazilian court also confirmed that Conduit is not under investigation related to the Onix Intermediações case.According to the complaint, Onix has not used the Conduit platform since April 2025, about a month before the creation of that funds wallet, and that wallet has never held any funds from Onix. Since the wallet is used to support company operations, Conduit states that its business has been affected, while Tether continues to earn interest on the reserves behind the frozen USDT.

ChainCatcher message, Ethena Labs announced that its stablecoin-as-a-service stack Ethena Whitelabel is now live on the stablecoin cross-border payment provider Conduit.With this integration, chains built using Conduit can access Ethena's infrastructure to build their own stablecoins at deployment.

ChainCatcher news, according to CoinDesk, the stablecoin cross-border payment service provider Conduit announced on Thursday that it has partnered with Brazil's Braza Group to enable real-time foreign exchange between the Brazilian real and major foreign currencies through stablecoins.This service allows users to exchange Brazilian reais for US dollars or euros, with settlements completed in a matter of minutes, significantly better than the traditional foreign exchange systems that typically require up to three days for settlement.

ChainCatche news, stablecoin company Conduit announced the completion of a $36 million Series A financing, led by Dragonfly Capital, with participation from Sound Ventures, Altos Ventures, DCG, and Commerce Ventures. This Series A round brings Conduit's total funding to $53 million, and the company did not disclose the valuation for this round of financing.Conduit's goal is to provide global enterprises with faster, more cost-effective, and more reliable cross-border payment services, using stablecoins (a type of cryptocurrency designed to maintain value parity with the US dollar) for international payment settlements, aiming to complete transactions faster than traditional banks.

ChainCatcher news, Degen officials stated on social media that they have decided to migrate DEGEN L3 to move away from the difficulties of the Rollup deployment platform Conduit services. "They have held our rollup keys for months, and we may need to restart a new chain."DEGEN L3 processes over $200,000 in bridging transaction volume daily. Conduit pushed a bad upgrade without notice, resulting in 54 hours of downtime and causing a loss of $160,000 in user funds. Subsequently, bridging transaction volume dropped by over 75% in the following month.After the incident, Conduit refused to take responsibility for the community's losses, rejected Degen's chain upgrade requests, and withheld sequencer fees while demanding the signing of a new contract to avoid liability.Since early August, the Degen team has been working to reach a solution with Conduit to migrate the custodial services of DEGEN L3, and it has now been determined that Conduit has not been cooperating in good faith.

ChainCatcher news, according to the official Conduit blog, Conduit announced yesterday the launch of the brand new Conduit Marketplace, aimed at providing a one-stop integration solution for Rollup teams. The platform brings together tools from 48 partners, allowing Rollup developers to easily find, purchase, and integrate various on-chain application needs. With the "one-click integration" feature, developers can quickly add selected tools to their Rollup without leaving the Conduit platform.Previous news, the Rollup deployment platform Conduit has completed a $37 million Series A funding round, co-led by Paradigm and Haun Ventures.

ChainCatcher news, the Rollup deployment platform Conduit announced the completion of a $37 million Series A funding round, led by Paradigm and Haun Ventures, with participation from Bankless Ventures, Coinbase Ventures, and others. It is reported that since its launch, Conduit has helped teams like Degen and Proof of Play build their first L3.According to the Web3 crypto asset data platform RootData, Conduit completed a $7 million seed funding round last March, led by Paradigm.

According to ChainCatcher news reported by Cointelegraph, a multi-signature crypto wallet has access to 12 different blockchain networks, which means that if this wallet is attacked, funds from all 12 networks could potentially be drained, with losses possibly reaching $121 million.According to data shared recently by L2Beat researcher Luca Donno on X, these networks include Zora, Aevo, Hypr, Orderly, Ancient8, Lyra, Mode, Pgn, Parallel, and Metal, all of which are software created using Conduit rollup.Conduit founder Andrew Huang stated that the wallet cannot make transactions without three of the five signatures from the team. Huang added that the system will be upgraded "in the coming weeks" to require 5 out of 7 multi-signatures for transactions instead of 3 out of 5. He also mentioned that once L2 enters the decentralized "Phase 2," centralized risks will be further reduced.

ChainCatcher message, Conduit released a post-mortem analysis report regarding the previous downtime incident of Degen Chain. On May 10, Conduit increased the batch size for Degen and Proof of Play Apex to 10MB to reduce costs, which delayed the time for data to be batch published from these networks to their parent chain. On May 12, this configuration was reverted to fix the batch publishing. This led to reorganizations on both networks, as the batch was published after a 24-hour forced inclusion window. Arbitrum Nitro will insert any inbox messages before any transactions in the batch and replay those transactions using the new timestamps.After the reorganization, nodes returned with corrupted databases due to their depth not being well handled by geth. This required resynchronizing the data directory from genesis. The synchronization time for each network exceeded 40 hours, with a replay rate of about 100M gas/s. Once the nodes were resynchronized, Conduit attempted various transaction replay strategies, although not all transactions could be recovered, as some relied on precise timestamps.After negotiating with each rollup team, Conduit discussed and concurrently tried various strategies to bring the network online and restore the state prior to the reorganization. The Degen Chain network was restored online 54 hours after the outage. The Apex chain of Proof of Play was restored around the same time but became available to the public only after implementing another recovery solution.Conduit stated that it has improved alerts and monitoring for the Orbit chain to cover such situations and is committed to working with Offchain Labs to enhance the observability of all Orbit chain operators. The team will continue to invest in and research mechanisms to better simulate mainnet conditions and transaction payloads in a testing environment. The Degen Chain Explorer is now displaying the latest status of Degen Chain normally.

ChainCatcher message, Degen posted on platform X stating that Conduit estimates the resynchronization of Degen L3 will be completed at 6 AM Pacific Time (9 PM Beijing Time today). After resynchronization, the chain will be tested to ensure that all data affected by the reorganization is restored. Conduit has snapshots and complete transaction histories of two chains (Degen and Proof of Play's Apex). Currently, the nodes of both chains are resynchronizing from the genesis.

ChainCatcher news, the Base ecological project Degen stated on its social platform that it is currently experiencing data delays with Farcaster on Dune and is actively working with Dune to resolve this issue.In addition, the L3 chain is facing downtime issues, and we are addressing this problem through Conduit.ChainCatcher previously reported that according to on-chain data, the L3 chain Degen Chain has stopped block production for over 10 hours.

ChainCatcher message, the Rollup-as-a-service project Conduit announced on social media that it has activated the Ecotone network upgrade on 9 mainnet OP Stack chains, with current transaction fees below $0.001.

ChainCatcher news, the Uniswap Foundation stated on social media, "We are pleased to see that the crypto infrastructure Conduit has actively launched the Optimistic rollup version enabling EIP 1153 and the Testnet version of Uniswap V4, but we clarify that the Uniswap Foundation does not intend to promote it to the mainnet or establish a formal partnership. The testnet is a collaborative space, welcoming all protocols to participate; participating in the testnet does not imply a formal partnership. We appreciate the tireless efforts and contributions of various projects like Conduit to the ecosystem."ChainCatcher previously reported that the crypto infrastructure startup Conduit announced a partnership with the Uniswap Foundation, and the two parties will jointly launch the Uniswap V4 sandbox based on the OP Stack rollup.

ChainCatcher news, the crypto infrastructure startup Conduit announced a partnership with the Uniswap Foundation to jointly launch the Uniswap V4 sandbox based on the OP Stack rollup.It is reported that users can build customized AMMs on the Uniswap contract through this product while still interoperate with existing liquidity.According to the crypto data platform RootData, the crypto infrastructure startup Conduit completed a $7 million seed round financing in March this year, led by Paradigm. Conduit will help developers launch applications based on Optimism and provide hosting services.

ChainCatcher news, the encryption infrastructure startup Conduit announced the completion of a $7 million seed round financing, led by Paradigm. Conduit provides hosting services to help developers easily and quickly deploy their applications to Optimism.It is reported that Conduit and the Optimism Foundation will work together to support developers in launching applications on-chain and transitioning to its upcoming Superchain blockchain network. (source link)