Overview
- Riverstone Consultancy filed a U.S. lawsuit seeking the return of roughly $44.7–$45 million in USDT it says Tether froze in April at the request of a Bulgarian local police department.
- The complaint asserts eight wallets were locked without proper cross-border legal process and alleges breach of fiduciary duty, conversion, and unjust enrichment from interest earned during the freeze.
- Tether’s stated position is that its terms of service permit freezing in response to official requests, and the company says it has blocked more than $3.2 billion in USDT tied to scams and sanctions as of mid-September.
- Riverstone says Tether provided no evidence of legal authority for the action, directed the firm to contact Bulgarian police, and that counsel’s outreach was ignored, which the company claims caused it to miss investment opportunities.
- Independent analyst ZachXBT has suggested the funds appear linked to on-chain scam activity, a contention not established in the court filing.