In the United States, on July 2, 2025, a bankruptcy judge granted Celsius Network permission to pursue its $4 billion lawsuit against Tether. The lawsuit alleges improper liquidation of Bitcoin collateral during Celsius's 2022 collapse. This decision marks a significant step in the ongoing legal battle between the two cryptocurrency entities.
The core of the lawsuit revolves around Tether's alleged "fire sale" of over 39,500 Bitcoin in June 2022. Celsius claims the sale occurred at an average price of $20,656, below market value, to cover a $812 million debt. Celsius argues Tether violated their lending agreement by liquidating assets without the required 10-hour waiting period. (Source: CoinTelegraph, Tether.io, Wikipedia)
Despite the legal challenges, Celsius has made substantial progress in repaying creditors. Since January 2024, Celsius has distributed $2.5 billion to 251,000 creditors, covering 93% of all claims. As of July 2, 2025, Celsius Network's native token, CEL, is trading at $0.077757 USD, up 0.01162% from the previous close.