LONDON – A significant legal battle has unfolded at London’s High Court involving a $1 billion deposit from , the company overseeing the USDT cryptocurrency assets. At the heart of the dispute is a disagreement between Britannia (NS:) Financial and Arbitral International over the sale of a Bahamas brokerage that took place in June 2021.
Arbitral International is seeking additional payment from Britannia Financial, arguing that the terms of their agreement entitle them to compensation based on the business’s performance following the sale. In contrast, Britannia refutes these claims, maintaining that the dispute is unrelated to the funds Tether has placed with Britannia Global Markets.
While the legal proceedings continue, Tether itself manages a substantial portfolio, with assets worth $86.4 billion, primarily held in U.S. Treasuries. Additionally, Tether has extended $5.2 billion in loans. Despite the scale of its operations and its indirect involvement in the court case through its deposit, Tether has not made any public statements regarding the ongoing litigation.
The outcome of this legal confrontation could have implications for Tether’s operations, given the size of the deposit at stake. However, details on how or if this will impact Tether’s asset management or its cryptocurrency offerings remain unclear as the court proceedings progress.
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