Tether Sued Over $2.76 Million USDT Freeze as Conduit Seeks Damages
Tether is facing a lawsuit over the freeze of $2.76 million in USDT held by Conduit, which says the funds have remained locked for more than a year despite Brazilian authorities not ordering the freeze.
Conduit Seeks Frozen USDT and Damages
According to Coin Bureau, Conduit is seeking the return of the $2.76 million in USDT as part of the legal dispute with Tether. The company also wants an additional $2.76 million in damages, putting the total amount sought at $5.52 million.
Conduit says the frozen funds were being used in a manner similar to an operating bank account. The company claims the USDT has been inaccessible for more than a year, creating an extended restriction on funds it says were being used for its operations.
Dispute Over the Freeze
A central issue in the case is Conduit's claim that Brazilian authorities did not order the freeze. The company is therefore challenging Tether over the continued restriction of the $2.76 million in USDT.
The dispute involves the control and accessibility of cryptocurrency held in USDT, Tether's dollar-pegged stablecoin. Conduit's lawsuit seeks both the release of the frozen funds and compensation equal to the same $2.76 million amount it says was locked.
Coin Bureau reported the development in a post on X, identifying the frozen amount as $2.76 million and noting that markets the funds have been locked for more than a year. Conduit is seeking $2.76 million in damages in addition to the return of the $2.76 million in USDT.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
Check out other news and articles on Google News
Disclaimer:
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.