Celsius Demands Tether Returns 57,428 Bitcoins Worth IDR 52 Trillion, USDT Publishers Refuse!
JAKARTA - The tension between the two crypto industry giants, Tether and Celsius, is heating up. In a surprising move, Celsius demanded a return of 57,428.64 Bitcoins from Tether or equivalent payments in cash, which is currently worth about US$3.3 billion (Rp52.8 trillion). Tether firmly rejected this demand, calling it an act of "exTORtion."
The case centers on a loan agreement between Tether and Celsius, in which Celsius borrows stablecoins to manage its business's important operations. Celsius claims that during its volatile market conditions in mid-2022, Tether is suspected of protecting itself from the upcoming Celsius bankruptcy by making "bitcoin transfers suspected of cheating and illegal" in nine days ahead of Celsius's bankruptcy filing.
Celsius confirmed that this action was carried out without clear justification, and now it is demanding the return of the Bitcoin or its cash value. However, Tether vehemently denied the allegations. In a statement published on its website, the company argued that the Bitcoin in question had been liquidated at the direction of Celsius itself.
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Tether also added that the liquidation was carried out with Celsius approval at a current price in June 2022. Tether claims that the value of Bitcoin at the time of liquidation reached around US$2.4 billion (Rp38.4 trillion), although it did not explain how the figure was calculated.
Paolo Ardoino, CEO of Tether, through social media platform X (previously known as Twitter), denounced the lawsuit, calling it an attempt to "reclaim Bitcoin being sold to cover Celsius's position." He stressed that Tether's actions were in full accordance with the contracts they had with Celsius. Ardoino also warned that "the attempt to make money in an embarrassing way" would not succeed in creating a bad precedent for the crypto industry.