Thai Businessmen Sue Tether Over Alleged Unilateral Freeze of $42.4M in USDT
Two Thai businessmen, Nutthawat Rukthammachalern and Natthawat Kasamvilas, have filed a lawsuit against Tether in New York's Southern District Court, alleging that the stablecoin issuer improperly froze $42.4 million worth of USDT.
The lawsuit, submitted on August 31 and re-submitted on September 1, claims that the assets were frozen three months before a detention order was issued on February 19, 2026.
Tether allegedly informed Kasamvilas on November 2, 2025, that they had 'no further information' about the frozen funds, without disclosing that they had taken the action unilaterally.
The plaintiffs purchased USDT on the secondary market and have no contractual relationship with Tether. They are seeking damages for conversion, wrongful repossession, unjust enrichment, and other claims against Tether Holdings, Tether International, Tether Operations, and Tether Investments.