Thai Businessmen Sue Tether Over $42.4M Frozen Stablecoins
Two Thai businessmen have filed a lawsuit against Tether, the issuer of USDT stablecoin, in New York federal court over the freezing of approximately $42.4 million worth of their holdings. The plaintiffs allege that Tether froze these funds across ten Ethereum addresses on October 30 last year without legal authority and before any official seizure order was issued by U.S. authorities. The lawsuit claims that while there was no formal warrant until February 19, the freeze occurred following an informal request from a law enforcement agent. The frozen assets were later part of a $61 million USDT seizure announced in late February by federal agents linked to scam activities. The plaintiffs are seeking for Tether to remove their addresses from its blacklist and prevent destruction or forfeiture of the funds. Tether has responded, calling the lawsuit baseless and emphasizing its cooperation with law enforcement agencies like the Department of Justice.
Topics: freeze seizure stablecoin Tether USDT