Celsius Network's $4 Billion Lawsuit Against Tether Proceeds

According to Foresight News, a U.S. bankruptcy judge has ruled that Celsius Network's lawsuit against Tether, valued at $4 billion, can proceed. Celsius accuses Tether of improperly liquidating approximately 39,500 bitcoins pledged as collateral in June 2022, allegedly violating the procedures outlined in their lending agreement. This liquidation reportedly resulted in losses exceeding $4 billion for Celsius. Despite Tether's argument that U.S. courts lack jurisdiction, the judge determined that Celsius's claims of breach of contract, fraudulent transfer, and priority rights are valid for further examination.