攝氏，繫繩和訴訟：紐約關於加密法律戲劇的觀點

分析了攝氏卷 - 邊緣訴訟中的最新發展，探討了對加密貨幣世界的影響以及對Stablecoin巨人的財務操縱。

The Celsius Network saga continues, with its lawsuit against Tether taking center stage. Allegations of improper Bitcoin liquidation, coupled with regulatory scrutiny and financial juggernauts making headlines, paint a vivid picture of the ever-turbulent crypto landscape. Buckle up, because this is a wild ride.

Celsius Network Saga繼續進行，其訴訟反對Tether佔據了中心地位。對比特幣清算不當的指控，再加上監管的審查和財務崇高的指控，使其成為頭條新聞，描繪了不斷令人震驚的加密景觀的生動圖片。係好，因為這是一次狂野的旅程。

The Celsius vs. Tether Showdown: A Judge's Verdict

Celsius與Tether Showdown：法官的裁決

A New York bankruptcy court has greenlit Celsius's pursuit of the bulk of its $4 billion lawsuit against Tether. Celsius alleges that Tether improperly liquidated nearly 40,000 Bitcoins in June 2022, right before Celsius halted withdrawals. According to Celsius, Tether didn't provide sufficient time to meet collateral demands, potentially costing them billions.

紐約破產法院（New York Atluptcy Court）綠色攝氏（Greenlit Celsius）追求其40億美元針對Tether的訴訟。塞爾斯（Celsius）聲稱，在塞爾西烏斯（Celsius）停止撤離之前，系特（Tether）在2022年6月清算了近40,000個比特幣。根據塞爾斯的說法，系塞沒有足夠的時間來滿足抵押品需求，可能使他們損失數十億美元。

Tether, of course, is fighting back, dismissing the lawsuit as a “baseless” money grab. They argue Celsius executives directed the liquidation. However, the judge sided with Celsius, stating that Alex Mashinsky’s “alleged oral permission” for the liquidation was insufficient.

當然，系特特（Tether）正在反擊，將訴訟視為“毫無根據”的錢。他們認為攝氏高管指示清算。但是，法官站在塞爾西烏斯（Celsius）上，並指出亞歷克斯·馬申斯基（Alex Mashinsky）的“據稱口頭許可”進行清算不足。

Tether's Financial Powerhouse: Profits and Controversies

Tether的財務強國：利潤和爭議

While battling legal challenges, Tether reported a whopping $5.2 billion profit in the first half of 2024, primarily from interest income on its massive holdings of US Treasuries. By mid-2024, they held $97.6 billion in US government debt, making them a major player in the global financial arena. Think about it – a crypto company holding more government debt than some countries!

在與法律挑戰作鬥爭的同時，Tether報告說，在2024年上半年，利潤高達52億美元，主要來自利息收入，其美國國債的大量持股。到2024年中，他們持有976億美元的美國政府債務，使他們成為全球金融領域的主要參與者。考慮一下 - 一家持有政府債務的加密公司比某些國家多！

This profitability stems from the stablecoin business model: users deposit fiat, Tether mints USDT, and those dollars are invested in low-risk assets. Tether is now one of the top 20 Treasury holders worldwide, with total exposure approaching $120 billion by March 2025.

這種盈利能力源於Stablecoin業務模式：用戶存入菲亞特，Tether Mints USDT和這些美元投資於低風險資產。 Tether現在是全球20大國庫持有人之一，到2025年3月，總銷售額接近1,200億美元。

But here’s the rub:

但這是摩擦：

Tether's reserve practices and AML compliance have long been under scrutiny. While they publish attestations and have hired financial experts, a full, independent audit remains elusive. This raises questions about whether every USDT is truly backed, and major EU platforms have started delisting or limiting USDT due to regulatory concerns.

Tether的儲備慣例和AML合規長期以來一直受到審查。儘管他們出版證明並聘請了財務專家，但全面的獨立審計仍然難以捉摸。這引發了有關每個USDT是否真正支持的問題，並且由於監管問題，主要的歐盟平台已經開始推出或限制USDT。

The Bigger Picture: Transparency vs. Profit

大局：透明度與利潤

Tether's dominance in the stablecoin market is undeniable. With a market cap exceeding $155 billion, they dwarf competitors like Circle. In 2024, Tether reported nearly $13 billion in gross profit, while Circle earned a comparatively modest $156 million in net income.

Tether在Stablecoin市場中的主導地位是不可否認的。他們的市值超過了1550億美元，他們像Circle這樣的競爭對手矮。 2024年，系托特（Tether）報告了近130億美元的毛利潤，而Circle的淨收入相對較小。

Circle, known for its transparency and compliance, splits its interest income with Coinbase and undergoes monthly audits. Tether, on the other hand, keeps most of its earnings and operates with fewer constraints. This highlights the tension between transparency and profitability in the crypto world.

Circle以其透明度和合規性而聞名，它將其利息收入與Coinbase分配，並接受每月審計。另一方面，繫繩將其大部分收入和運營的限制更少。這突出了加密世界中透明度與盈利能力之間的張力。

My Take: A Balancing Act

我的看法：平衡行為

The Celsius-Tether lawsuit underscores the high stakes and complex legal landscape of crypto. While Tether's financial success is impressive, the ongoing scrutiny and regulatory challenges can't be ignored. Long-term, I believe that greater transparency and adherence to regulatory standards will be crucial for stablecoins to maintain their position in the global financial system. It's a tightrope walk between innovation and compliance.

Celsius系列訴訟強調了加密貨幣的高賭注和復雜的法律景觀。儘管繫帶的財務成功令人印象深刻，但持續的審查和監管挑戰卻不容忽視。從長遠來看，我認為，更大的透明度和遵守監管標準對於Stablecoins保持其在全球金融體系中的地位至關重要。這是在創新和合規性之間步行的繩索。

Final Thoughts

最後的想法

So, what does it all mean? Well, the Celsius-Tether saga is far from over, and the crypto world will be watching closely. Whether Tether can continue its reign as the king of stablecoins while navigating legal battles and regulatory pressures remains to be seen. One thing's for sure: it's never a dull day in the crypto universe!

那麼，這意味著什麼？好吧，攝氏螺旋 - 螺旋傳奇還遠遠沒有結束，加密貨幣世界將密切關注。勒係是否可以繼續在法律鬥爭和監管壓力的同時繼續擔任穩定幣國王，還有待觀察。可以肯定的是：在加密貨幣宇宙中，這絕不是沉悶的一天！