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A US judge has allowed Celsius\u2019s lawsuit over Tether\u2019s $4 billion Bitcoin liquidation to move forward, rejecting key parts of Tether\u2019s dismissal bid.<\/p>\n
A US bankruptcy judge ruled that Celsius Network\u2019s multibillion-dollar lawsuit against Tether can proceed, denying in part Tether\u2019s attempt to dismiss claims that it \u201cimproperly\u201d liquidated Celsius\u2019s Bitcoin collateral during the crypto lender\u2019s collapse.<\/p>\n
According to court documents filed<\/a> in New York on Monday, Celsius alleges that Tether (USDT<\/a>) executed a \u201cfire sale\u201d of over 39,500 Bitcoin (BTC<\/a>) in June 2022, app<\/a>lying the proceeds against Celsius\u2019s $812 million debt without following agreed-upon procedures.<\/p>\n Celsius claims Tether\u2019s actions breached their lending agreement, violated \u201cgood faith and fair dealing\u201d under British Virgin Islands law, and constituted fraudulent and preferential transfers avoidable under the US Bankruptcy Code.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n