Tether faces a $44.7 million stablecoin freeze lawsuit, with the plaintiff claiming missed investment opportunities due to non-compliant freezing actions.
ChainCatcher reported that recently, Texas-based consulting firm Riverstone has officially filed a lawsuit, accusing stablecoin issuer Tether of illegally freezing its tokens and causing it to miss significant investment opportunities.
According to the complaint filed with the Southern District Court of New York, Tether froze assets in eight offline wallets controlled by Riverstone. The plaintiff claims that Tether froze the assets solely based on a request from a local police station in Bulgaria, which constitutes a procedural flaw, as it did not follow the formal procedures stipulated by the "Bulgarian International Judicial Assistance Treaty." The complaint states that when Riverstone contacted Tether, it was told to communicate directly with the Bulgarian police, but the police never responded. Currently, Tether's stablecoin circulation exceeds 180 billions USD, and as of September 15, it has cooperated with global law enforcement agencies to freeze 3.2 billions USD in USDT.
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