Tether Labels Thai Suit Over $42.4M USDT Freeze Baseless
Tether responds to SDNY suit by two Thai businessmen, calling the challenge to its $42.4 million USDT freeze a baseless interference with law enforcement cooperation.
What is new
Tether stated that the new lawsuit against Tether is a baseless attempt to interfere with Tether’s important work with global law enforcement, including the Department of Justice, to prevent the unlawful use of USDT.
Two Thai businessmen filed suit in the Southern District of New York alleging Tether froze $42.4 million in USDT on an informal request from Homeland Security Investigations without a warrant or court order at the time.
The funds were later tied to an Eastern District of North Carolina warrant and a $61 million seizure connected to pig-butchering fraud proceeds. The plaintiffs acquired the tokens on the secondary market.
Case status
The complaint seeks declaratory judgment, damages, and injunctive relief. No trial date has been set.
Open questions
The exact timing of the freeze relative to the warrant remains unconfirmed in public filings. It is also unclear whether the $42.4 million figure represents the full frozen amount or only the plaintiffs' share.