Crypto payments firm Conduit has filed a lawsuit against Tether in New York, accusing the USDT stablecoin issuer of unlawfully freezing $2.76 million of its funds in September 2025. Conduit says Tether failed to substantively respond to its requests to unfreeze the funds and referred it to the Brazilian Federal Police with no context. Brazilian authorities confirmed they did not identify Conduit’s wallet for freezing and do not know the criteria Tether used. The lawsuit seeks to unfreeze the funds, compensatory damages of at least $2.76 million, punitive damages, and restitution of all interest and profits made from the frozen funds.
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