Tether faces a $44.7 million stablecoin freeze lawsuit, with the plaintiff claiming that non-compliance freeze actions led to missed investment opportunities.

On October 17, according to dlnews, in April this year, the stablecoin issuer Tether froze 44.7 million USDT at the request of the Bulgarian police. Now, Texas-based consulting firm Riverstone has officially filed a lawsuit, accusing Tether of illegally freezing its tokens and causing it to miss significant investment opportunities. According to the complaint submitted to the Southern District Court of New York, on April 4, Tether froze the assets of 8 Offline Wallets controlled by Riverstone. The company claims that Tether's freezing of assets based solely on the request from the Bulgarian local police “exhibits procedural defects” and did not follow the formal process stipulated by the “Bulgaria International Judicial Assistance Treaty” which requires “exchange of filing information through central authorities and foreign affairs liaison channels.” The complaint states that when Riverstone contacted Tether, they were told to communicate directly with the Bulgarian police, which has not responded at all. Currently, Tether's Circulating Supply exceeds 180 billion USD, and as of September 15, it has cooperated with global law enforcement agencies to freeze 3.2 billion USDT.