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"};
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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"};
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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 Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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 Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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"};
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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 law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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"};
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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"};
Technical research indicates to investors that there is significant resistance on Ethereum between the $2,815 and $3,024 mark. A rebound from this zone to the downside might lead the price to a further downside target near $2,110.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Bullish Rally Struggles Below The 50-EMA, ETH Could Pullback Up To $3K Before Rejoining The Downtrend","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-bullish-rally-struggles-below-the-50-ema-eth-could-pullback-up-to-3k-before-rejoining-the-downtrend","to_ping":"","pinged":"","post_modified":"2024-08-12 02:14:53","post_modified_gmt":"2024-08-11 16:14:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18197","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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 price has recovered to $2,650 since then, giving bulls some optimism. The most recent week, however, demonstrated that ETH is a risky asset that is traded on the stock market. Ethereum fell in tandem with the stock market's collapse.<\/p>\n\n\n\n Technical research indicates to investors that there is significant resistance on Ethereum between the $2,815 and $3,024 mark. A rebound from this zone to the downside might lead the price to a further downside target near $2,110.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Bullish Rally Struggles Below The 50-EMA, ETH Could Pullback Up To $3K Before Rejoining The Downtrend","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-bullish-rally-struggles-below-the-50-ema-eth-could-pullback-up-to-3k-before-rejoining-the-downtrend","to_ping":"","pinged":"","post_modified":"2024-08-12 02:14:53","post_modified_gmt":"2024-08-11 16:14:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18197","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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"};
Ethereum has seen a significant decline in the past three weeks. On July 23, 2024, Ethereum traded above $3,500. It fell as low as $2,120 last week. That is a stunning 40% reduction.<\/p>\n\n\n\n The price has recovered to $2,650 since then, giving bulls some optimism. The most recent week, however, demonstrated that ETH is a risky asset that is traded on the stock market. Ethereum fell in tandem with the stock market's collapse.<\/p>\n\n\n\n Technical research indicates to investors that there is significant resistance on Ethereum between the $2,815 and $3,024 mark. A rebound from this zone to the downside might lead the price to a further downside target near $2,110.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Bullish Rally Struggles Below The 50-EMA, ETH Could Pullback Up To $3K Before Rejoining The Downtrend","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-bullish-rally-struggles-below-the-50-ema-eth-could-pullback-up-to-3k-before-rejoining-the-downtrend","to_ping":"","pinged":"","post_modified":"2024-08-12 02:14:53","post_modified_gmt":"2024-08-11 16:14:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18197","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","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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