Conduit Sues Tether to Unfreeze $2.76 Million USDT

Cross-border payment company Conduit has filed a lawsuit against Tether in the Southern District of New York, accusing the latter of freezing its USDT worth $2.76 million for over a year without providing a reasonable explanation or releasing the funds. Conduit demands that Tether unfreeze the relevant funds and additionally claims at least $2.76 million in damages. Conduit states that the frozen wallet is equivalent to the company's operational bank account, and the freeze originated from an investigation by Brazilian police into its former client, Onix Intermediações. However, Conduit asserts that law enforcement never requested the freezing of its funds, and a Brazilian court has confirmed that Conduit is not under investigation in this case. Conduit also claims that Onix has not used its platform since April 2025, while the wallet in question was created about a month later and has never held Onix's funds. The company states that the freezing of funds has impacted its business operations, while Tether continues to benefit from the reserve assets corresponding to the frozen USDT.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.