Tether Denies Receiving Any Loans From Celsius

Zach Anderson   Feb 02, 2023 09:28

The company that is responsible for the most valuable stable coin in terms of market capitalization, Tether (USDT), alleges that they have never received a loan from the defunct cryptocurrency lender Celsius. This claim is based on the fact that Celsius no longer exists. The chief technical officer of the firm is the one who provided this information.

The chief technical officer of the cryptocurrency exchange Tether as well as the Bitfinex platform, Paolo Ardoino, went to Twitter on January 31 to make the statement that Tether has "never borrowed from Celsius."

The tweet was issued as a response to the bankruptcy examiner report for Celsius, which claimed made a mistake in claiming that Tether was among Celsius' creditors along with other firms like Three Arrows Capital, who borrowed $75 million from the company.

On the 31st of January, the examiner's report was made public, and on page 183, it said that "Celsius's loans to Tether were twice its credit limit."

According to the report, "Tether's exposure eventually grew to over $2 billion," which became a problem in late September 2021 when it was described as presenting a "existential risk" to Celsius by the risk committee. The report also states that "Tether's exposure eventually grew to over $2 billion." In addition to this, the study states that "Tether's exposure ultimately rose to more than $2 billion."

Denying any exposure to problematic Celsius, Ardoino stated that examiner Shoba Pillay had jumbled up prepositions in the examiner report, and that what she really meant was "Celsius loans from Tether" rather than "Celsius loans to Tether." This statement was made in response to the fact that Ardoino claimed that the examiner had made a mistake.

A contributor to the Financial Times called Kadhim Shubber started a dialogue on Twitter in which the chief technical officer of Tether remarked that the statement "Either is a mistake or a mischaracterization."

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