Two Thai Businessmen Sue Tether Over $42.4M USDT Freeze as Issuer Calls Case ‘Baseless’

Two Thai businessmen have filed a lawsuit against Tether regarding the freeze of $42.4 million in USDT. The plaintiffs allege that the stablecoin issuer blocked access to their funds months before federal authorities obtained a formal seizure warrant. Tether has dismissed the legal challenge as baseless. The freeze is reportedly linked to an HSI investigation focusing on the proceeds of pig-butchering fraud, while the businessmen claim the action taken by Tether was unlawful.