Tether is facing a U.S. lawsuit over its decision to freeze $42.4M worth of USDT belonging to two Thai businessmen ⚖️
The plaintiffs claim Tether froze the funds before U.S. authorities obtained a seizure warrant 🔒
They argue that no warrant or court order existed when access to the USDT was blocked 📜
U.S. prosecutors said more than $61M was traced to wallets linked to an investment fraud 🚨
Authorities connected the seized USDT to a scam commonly known as pig butchering.
The businessmen say they acquired the tokens through secondary-market transactions and had no direct relationship with Tether 💰
They are seeking an injunction and financial damages, while no trial date has been announced yet.
Today's Pill - the case could raise important questions about how much control stablecoin issuers have over user funds and when they can freeze assets before a formal legal order is issued 🔄
The plaintiffs claim Tether froze the funds before U.S. authorities obtained a seizure warrant 🔒
They argue that no warrant or court order existed when access to the USDT was blocked 📜
U.S. prosecutors said more than $61M was traced to wallets linked to an investment fraud 🚨
Authorities connected the seized USDT to a scam commonly known as pig butchering.
The businessmen say they acquired the tokens through secondary-market transactions and had no direct relationship with Tether 💰
They are seeking an injunction and financial damages, while no trial date has been announced yet.
Today's Pill - the case could raise important questions about how much control stablecoin issuers have over user funds and when they can freeze assets before a formal legal order is issued 🔄