Stablecoin issuer Tether has announced that the Celsius loan was liquidated without any hassle.
Tether said last month that apart from a small amount of equity in the company, it has not invested in Celsius. Tether said Celsius was given a nearly 130% over-collateralized Bitcoin-denominated loan.
Tether said Celsius’s loan was liquidated according to the terms of the agreement. According to Tether’s statement, the liquidation was done with minimal impact on the market.
Celsius announced on June 12 that it was freezing withdrawals “citing extreme market conditions. The company has continued to suffer ever since.
The other day, a former director of Celsius accused the project of being a “Ponzi Scheme” and took the company to court.
