Tether faces a $44.7 million stablecoin freeze lawsuit, with the plaintiff claiming the illegal freeze resulted in significant investment opportunities being lost.

According to Odaily Planet Daily, in April of this year, stablecoin issuer Tether froze $44.7 million in USDT at the request of Bulgarian police. Now, Texas-based Riverstone Consulting has filed a lawsuit, accusing Tether of illegally freezing its tokens and causing it to miss out on significant investment opportunities.

According to a complaint filed in the Southern District Court of New York, Tether froze assets in eight offline wallets controlled by Riverstone on April 4th. The company claims that Tether's freezing of assets based solely on a request from the Bulgarian local police was "procedurally flawed" and failed to follow the formal procedures required by the Bulgarian Treaty on International Mutual Legal Assistance, which requires the exchange of filings through central authorities and foreign affairs liaison channels. The complaint alleges that when Riverstone contacted Tether, it was told to communicate directly with the Bulgarian police, who never responded.

Currently, the circulation of Tether stablecoin exceeds $180 billion. As of September 15, it has cooperated with global law enforcement agencies to freeze $3.2 billion in USDT. (dlnews)