Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n
The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n
Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n
Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n
The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n
Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
On August 16, data<\/a> from SoSoValue revealed that spot Bitcoin ETFs brought in $32.58 million in net inflows, countering the outflows experienced earlier in the month. This is a stark contrast to August 2, when outflows hit $80.69 million, followed by an even higher outflow of $169 million on August 9.<\/p>\n\n\n\n Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Spot Bitcoin ETFs are attracting investor interest despite recent outflows. As the crypto market faces turbulence, major players like Fidelity and BlackRock have recorded significant inflows, highlighting a shift in investor confidence toward these investment vehicles, Cointelegraph reported. <\/p>\n\n\n\n On August 16, data<\/a> from SoSoValue revealed that spot Bitcoin ETFs brought in $32.58 million in net inflows, countering the outflows experienced earlier in the month. This is a stark contrast to August 2, when outflows hit $80.69 million, followed by an even higher outflow of $169 million on August 9.<\/p>\n\n\n\n Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Spot Bitcoin ETFs are attracting investor interest despite recent outflows. As the crypto market faces turbulence, major players like Fidelity and BlackRock have recorded significant inflows, highlighting a shift in investor confidence toward these investment vehicles, Cointelegraph reported. <\/p>\n\n\n\n On August 16, data<\/a> from SoSoValue revealed that spot Bitcoin ETFs brought in $32.58 million in net inflows, countering the outflows experienced earlier in the month. This is a stark contrast to August 2, when outflows hit $80.69 million, followed by an even higher outflow of $169 million on August 9.<\/p>\n\n\n\n Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Spot Bitcoin ETFs are attracting investor interest despite recent outflows. As the crypto market faces turbulence, major players like Fidelity and BlackRock have recorded significant inflows, highlighting a shift in investor confidence toward these investment vehicles, Cointelegraph reported. <\/p>\n\n\n\n On August 16, data<\/a> from SoSoValue revealed that spot Bitcoin ETFs brought in $32.58 million in net inflows, countering the outflows experienced earlier in the month. This is a stark contrast to August 2, when outflows hit $80.69 million, followed by an even higher outflow of $169 million on August 9.<\/p>\n\n\n\n Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Spot Bitcoin ETFs are attracting investor interest despite recent outflows. As the crypto market faces turbulence, major players like Fidelity and BlackRock have recorded significant inflows, highlighting a shift in investor confidence toward these investment vehicles, Cointelegraph reported. <\/p>\n\n\n\n On August 16, data<\/a> from SoSoValue revealed that spot Bitcoin ETFs brought in $32.58 million in net inflows, countering the outflows experienced earlier in the month. This is a stark contrast to August 2, when outflows hit $80.69 million, followed by an even higher outflow of $169 million on August 9.<\/p>\n\n\n\n Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celsius Resumes Withdrawals For A Selection Of Users, Months After Declaring Bankruptcy<\/a><\/p>\n\n\n\n Tether has vigorously denied the allegations, describing the lawsuit as a \"baseless shakedown.\" The company asserts that it followed the terms of the 2022 agreement, under which Celsius had borrowed USD\u20ae, Tether's stablecoin.<\/p>\n\n\n\n According to Tether<\/a>, as Bitcoin prices fell in June 2022, Celsius was required to post additional collateral. When Celsius failed to do so, Tether claims it was directed to liquidate the Bitcoin collateral to close out the $815 million position.<\/p>\n\n\n\n \"The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defenses that Tether has to the claims asserted against it and raises substantial jurisdictional questions,\" the company said.<\/p>\n\n\n\n Additionally, Tether argued that Celsius' lawsuit is an attempt to shift the blame for its own mismanagement. \"This lawsuit seeks to improperly impose the costs of Celsius' failure on Tether,\" the company stated in a blog post. Tether remains confident in its legal position, asserting that the facts and the law are on its side.<\/p>\n\n\n\n The company also highlighted its strong financial standing, noting that its consolidated equity reached nearly $12 billion as of June 30, 2024.<\/p>\n\n\n\n Tether has emphasized that, regardless of the outcome, its operations and token holders will remain unaffected. The company's financial health, coupled with its profitability, provides a buffer against the potential impact of the lawsuit.<\/p>\n","post_title":"Celsius Sues Tether For $3.5 Billion Over Alleged Mishandling Of Bitcoin Collateral","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"celsius-sues-tether-for-3-5-billion-over-alleged-mishandling-of-bitcoin-collateral","to_ping":"","pinged":"","post_modified":"2024-08-11 17:22:55","post_modified_gmt":"2024-08-11 07:22:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18185","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite these advances, regulatory pressure remains. The FATF has scrutinized Argentina, prompting the government to implement measures to regulate the crypto market more effectively. Bybit\u2019s VASP registration is a direct result of these regulatory efforts, positioning the exchange to navigate Argentina\u2019s evolving financial landscape successfully.<\/p>\n","post_title":"Argentina Approves Bybit\u2019s VASP Registration As Country Tightens Crypto Laws","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"argentina-approves-bybits-vasp-registration-as-country-tightens-crypto-laws","to_ping":"","pinged":"","post_modified":"2024-08-19 18:08:32","post_modified_gmt":"2024-08-19 08:08:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18272","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18276,"post_author":"1","post_date":"2024-08-19 17:36:56","post_date_gmt":"2024-08-19 07:36:56","post_content":"\n Spot Bitcoin ETFs are attracting investor interest despite recent outflows. As the crypto market faces turbulence, major players like Fidelity and BlackRock have recorded significant inflows, highlighting a shift in investor confidence toward these investment vehicles, Cointelegraph reported. <\/p>\n\n\n\n On August 16, data<\/a> from SoSoValue revealed that spot Bitcoin ETFs brought in $32.58 million in net inflows, countering the outflows experienced earlier in the month. This is a stark contrast to August 2, when outflows hit $80.69 million, followed by an even higher outflow of $169 million on August 9.<\/p>\n\n\n\n Despite these earlier outflows, interest in spot Bitcoin ETFs remains strong. Major funds like the Fidelity Bitcoin Fund ETF and BlackRock's iShares Bitcoin Trust ETF are leading the way, with positive inflows that signal renewed investor confidence.<\/p>\n\n\n\n Notably, while spot Bitcoin ETFs show growth, not all funds are faring well. The Grayscale Bitcoin Trust (GBTC) has continued to experience outflows, with $72.9 million exiting on August 16 alone. Historically, GBTC has seen net outflows of $19.6 billion, suggesting a divergence in investor sentiment between GBTC and other Bitcoin ETFs.<\/p>\n\n\n\n See Related: <\/em><\/strong>Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n Conversely, the Grayscale Bitcoin Mini Trust ETF has managed to hold steady, showing no net outflow on August 16 and maintaining its total net inflow of $288 million.<\/p>\n\n\n\n The Fidelity Bitcoin Fund ETF has emerged as a top performer, recording a $61.3 million net inflow on August 16, bringing its total historical inflows to $9.8 billion. BlackRock's iShares Bitcoin Trust ETF also experienced a significant net inflow of $20.38 million on the same day, further solidifying its presence in the market with a historical total of $20.38 billion.<\/p>\n\n\n\n The overall market value of spot Bitcoin ETFs now stands at $54.35 billion, with an ETF net asset ratio of 4.65%. This means that spot Bitcoin ETFs represent a small but growing portion of the total Bitcoin market.<\/p>\n\n\n\n The rising inflows into spot Bitcoin ETFs, despite a turbulent start to August, suggest that investors are becoming more confident in these funds as a stable and reliable option in the broader cryptocurrency market.<\/p>\n","post_title":"Spot Bitcoin ETFs Show Resilience As Market Faces Continued Volatility","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"spot-bitcoin-etfs-show-resilience-as-market-faces-continued-volatility","to_ping":"","pinged":"","post_modified":"2024-08-19 17:37:00","post_modified_gmt":"2024-08-19 07:37:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18185,"post_author":"1","post_date":"2024-08-11 17:22:27","post_date_gmt":"2024-08-11 07:22:27","post_content":"\n The ongoing clash between defunct cryptocurrency exchange Celsius and stablecoin issuer Tether has escalated into a $3.5 billion lawsuit. Celsius claims that Tether mishandled a significant amount of Bitcoin collateral during the company's bankruptcy proceedings, leading to a substantial financial loss.<\/p>\n\n\n\n In the lawsuit <\/a>filed on August 9, 2024, Celsius alleged that Tether mishandled approximately 57,428.64 BTC, worth $2.4 billion at the time, that had been posted as collateral. Celsius argued that Tether liquidated the Bitcoin without providing them the chance to add more collateral to avoid liquidation, as agreed upon. The lawsuit seeks the return of the BTC or its equivalent in U.S. dollars, along with damages and legal fees, bringing the total claim to $3.5 billion.<\/p>\n\n\n\nTether's Response To The Allegations<\/h2>\n\n\n\n
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