Conduit Technology Files Lawsuit Against Tether Over $2.76 Million in USDT Freeze
- Conduit Technology alleges Tether unlawfully froze approximately $2.76 million in USDT on September 24, impacting its working capital.
- The funds were held in a Fireblocks wallet created on May 20, processing over $1.1 billion across more than 4,400 transactions prior to the freeze.
- Conduit claims no connection exists between its wallet and a Brazilian police investigation into associated entities.
- The lawsuit seeks the return of the frozen USDT and damages exceeding $2.76 million due to business losses, including layoffs and office closures.
Conduit Technology asserts that losing access to its funds forced significant operational changes, including reduced client settlements and employee layoffs. The company is also seeking transparency regarding Tether’s income from reserves backing the frozen tokens.
This legal action highlights ongoing tensions surrounding asset freezes in the cryptocurrency space, as Conduit demands the release of its $2.76 million in USDT amid claims of unlawful actions by Tether.
