BlockBeats News, July 2nd, following Judge Martin Glenn's order on June 30th, the U.S. Bankruptcy Court ruled that Celsius Network can proceed with multiple claims in the lawsuit against stablecoin issuer Tether.
According to the documents, the court allows Celsius to continue pursuing allegations that Tether unfairly settled tens of thousands of bitcoins in the weeks leading up to Celsius's collapse in 2022 through preferential transfers, violating the U.S. bankruptcy law. The core of the case revolves around over 57,000 BTC, with Celsius claiming that these BTC were either improperly withheld, prematurely liquidated, or transferred in a manner exceeding agreed-upon terms. The company argues that if these assets had been retained, their current value would exceed $4 billion.