Tether to Defend Against Celsius “Ransomware” Lawsuit

Tether announced on its website that it will defend itself against a “racketeering” lawsuit initiated by Celsius, which Tether says was filed against Tether Limited and certain of its subsidiaries in the U.S. Bankruptcy Court for the Southern District of New York by Celsius Network Limited through the Blockchain Recovery Investment Consortium, LLC. Tether indicated that Celsius Network Limited, through Blockchain Recovery Investment Consortium, LLC, filed a lawsuit against Tether Limited and certain of its affiliates in the United States Bankruptcy Court for the Southern District of New York.
Tether notes that the lawsuit fails to recognize the validity of agreements made by Celsius in the years prior to its bankruptcy, and instead seeks to impose the costs of Celsius' mismanagement and failures on Tether, and emphasizes that it will not be a victim of a scurrilous lawsuit for profit, and that it will vigorously contest the baseless allegations in the hope of prevailing in the case.