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Tether Denies It Borrowed $2B From Celsius, As Described in Court Report

Stablecoin issuer Tether is pushing back against assertions that it borrowed funds from failed crypto lender Celsius. 

According to a nearly 700-page report filed Tuesday from court-appointed examiner Shoba Pillay, Celsius at one point had lent approximately $2 billion to Tether. But Tether, which also invested in Celsius, denies it ever borrowed funds from the failed firm. 

In a damning report about Celsius released Tuesday, Pillay said the crypto lender blew past its own safeguards to overleverage itself in lending to Tether, among others. In the report Pillay cites an internal document from Celsius' risk committee that raises concerns about the potential for Tether defaulting on obligations to Celsius. 

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