Tether · New York · Federal Reserve (FED) · The Block
The complaint was filed Monday in the Southern District of New York
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"Conduit owes no money to Tether and has no obligation to Tether," the filing reads.
Key facts
- The suit is asking not only for Tether to release the $2.76 million in frozen funds, but also for another $2.76 million on top of this in additional damages and profits it says Tether has earned
- Conduit uses stablecoins, including Tether's USDT and Circle's USDC, to move money across more than 100 countries
- Cross-border payments firm Conduit is suing USDT issuer Tether, alleging it froze $2.76 million of Conduit's funds and is refusing to release them or give any explanation for the freeze
- The complaint was filed Monday in the Southern District of New York, with Conduit saying it has been locked out of the USDT for more than a year
Summary
Cross-border payments firm Conduit is suing USDT issuer Tether, alleging it froze $2.76 million of Conduit's funds and is refusing to release them or give any explanation for the freeze. The complaint was filed Monday in the Southern District of New York, with Conduit saying it has been locked out of the USDT for more than a year. Conduit uses stablecoins, including Tether's USDT and Circle's USDC, to move money across more than 100 countries. The freeze allegedly stems from an investigation sent to the Brazilian Federal Police involving Onix Intermediações, a former Conduit customer.