Celsius Network Pursues $4 Billion BTC Claims Against Tether in U.S. Bankruptcy Court

On July 2, the U.S. Bankruptcy Court, under Judge Martin Glenn’s directive dated June 30, authorized Celsius Network to advance multiple claims in its ongoing litigation against stablecoin issuer Tether. The court’s ruling permits Celsius to pursue allegations that Tether engaged in the improper liquidation of tens of thousands of BTC, allegedly prioritizing transfers that contravened U.S. bankruptcy statutes during the critical period preceding Celsius’s 2022 insolvency. Central to the dispute is a contested volume exceeding 57,000 BTC, which Celsius asserts were either unlawfully confiscated, prematurely sold, or transferred beyond contractual agreements. Celsius maintains that retaining these assets would have preserved a valuation surpassing $4 billion at current market prices, underscoring the significant financial implications of the case within the crypto bankruptcy landscape.