Conduit Sues Tether Over Alleged Unjustified Freeze of 2.76 Million USDT

Conduit has filed a lawsuit against Tether in New York, accusing the stablecoin issuer of freezing $2.76 million in USDT without proper justification. According to the lawsuit, Tether improperly froze the funds held by Conduit and refused to unfreeze them despite multiple requests.

The complaint alleges that Tether had no legitimate basis for freezing the USDT and has not provided any valid grounds for the action. Conduit is seeking the return of the frozen funds, which have been locked by Tether without explanation.

The lawsuit was reported by Walter Bloomberg on October 6, highlighting the ongoing dispute between Conduit and Tether. The case underscores the challenges faced by companies dealing with stablecoin freezes and the lack of transparency in such decisions.