Tether Faces $44.7 Million Stablecoin Freezing Lawsuit, Plaintiff Claims Missed Investment Opportunity Due to Non-Compliant Freezing Action

On October 17th, as reported by dlnews, in April of this year, the stablecoin issuer Tether complied with a request from the Bulgarian police and froze 44.7 million USDT. Now, the Texas-based company Riverstone Advisory has officially filed a lawsuit, alleging that Tether unlawfully froze its tokens, resulting in it missing out on a significant investment opportunity. According to the complaint filed with the court in the Southern District of New York, on April 4th, Tether froze assets from 8 offline wallets controlled by Riverstone. The company claims that Tether froze the assets solely based on a request from a local Bulgarian police station, which the company alleges was "procedurally flawed" and did not follow the formal process of exchanging record information through central authorities and diplomatic channels as stipulated in the "Bulgarian International Judicial Assistance Treaty." The complaint states that when Riverstone contacted Tether, they were told to communicate directly with the Bulgarian police, who never responded. Currently, Tether's stablecoin circulation exceeds 180 billion US dollars, and as of September 15th, it has cooperated with global law enforcement agencies to freeze 3.2 billion USDT.