4 hours ago
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Key Takeaways
- Conduit says Tether froze $2.76 million in USDT.
- The balance can remain visible but unusable.
- Tether can freeze tokens and blacklist addresses under its terms.
- The case exposes a treasury risk for stablecoin users.
$2.76 million in USDT became inaccessible
Conduit Technology has filed suit against USDT issuer Tether in the U.S. District Court for the Southern District of New York. The cross-border payments company alleges that Tether froze roughly $2.76 million in USDT held in a wallet it used for treasury operations, leaving money needed for its business unable to move.
According to reporting on the complaint, Conduit says Brazilian police did not identify its treasury wallet as one that should be frozen. It is seeking access to the funds, a declaration that Tether lacked the authority to hold them and at least $2.76 million in damages. These are allegations from Conduit’s lawsuit; the c...
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