Back

Riverstone Sues Tether Over $44.7 Million USDT Freeze

Riverstone Consulting claims Tether unlawfully froze funds based on a Bulgarian police request, bypassing legal protocols and causing missed investment opportunities.

USDT

Summary

Riverstone Consulting has filed a lawsuit against Tether, alleging that the company froze $44.7 million USDT at the request of Bulgarian police without following proper legal procedures. The lawsuit, filed in the Southern District of New York, claims violations of international asset-freezing protocols and demands damages of at least $44.72 million plus interest. Blockchain investigator ZachXBT linked the frozen funds to Ponzi schemes like BETL, Pegasus Ride, and LSSC.

Terms & Concepts
  • USDT: A U.S. dollar-pegged stablecoin issued by Tether, widely used in cryptocurrency markets for trading and transfers.
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value by pegging it to a reserve asset, commonly a fiat currency.
  • International Judicial Assistance Treaty: An agreement between countries outlining procedures for legal cooperation and enforcement of judicial actions across borders.