Conduit Sues Tether Over Frozen $2.76 Million in USDT

Decrypt reported that the payments firm alleges Tether acted on its own initiative over an investigation it says it has no connection to, and that Tether profited from the reserves while withholding them. Conduit is seeking the release of the funds plus at least $2.76 million in damages.

Conduit operates across multiple markets. Per BitKE, its network covers 14 currencies and more than 20 banking partners across nine countries, including Nigeria and Kenya in Africa, as well as the U.S., Mexico, and Brazil. The company reported surpassing $10 billion in annualized transaction volume in 2024.

BitKE noted the case adds to wider legal scrutiny of Tether's ability to freeze USDT in response to law-enforcement investigations, citing a separate suit in which two Thai nationals challenged the freezing of $42.4 million in USDT.

The NBA has reached an agreement with the CFTC and named Kalshi and Polymarket as preferred exchanges, as the league moves into regulated prediction markets with safeguards against insider trading.