摄氏，系绳和诉讼：纽约关于加密法律戏剧的观点

分析了摄氏卷 - 边缘诉讼中的最新发展，探讨了对加密货币世界的影响以及对Stablecoin巨人的财务操纵。

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继续进行，其诉讼反对Tether占据了中心地位。对比特币清算不当的指控，再加上监管的审查和财务崇高的指控，使其成为头条新闻，描绘了不断令人震惊的加密景观的生动图片。系好，因为这是一次狂野的旅程。

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

Celsius与Tether Showdown：法官的裁决

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.

纽约破产法院（New York Atluptcy Court）绿色摄氏（Greenlit Celsius）追求其40亿美元针对Tether的诉讼。塞尔斯（Celsius）声称，在塞尔西乌斯（Celsius）停止撤离之前，系特（Tether）在2022年6月清算了近40,000个比特币。根据塞尔斯的说法，系塞没有足够的时间来满足抵押品需求，可能使他们损失数十亿美元。

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.

当然，系特特（Tether）正在反击，将诉讼视为“毫无根据”的钱。他们认为摄氏高管指示清算。但是，法官站在塞尔西乌斯（Celsius）上，并指出亚历克斯·马申斯基（Alex Mashinsky）的“据称口头许可”进行清算不足。

Tether's Financial Powerhouse: Profits and Controversies

Tether的财务强国：利润和争议

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!

在与法律挑战作斗争的同时，Tether报告说，在2024年上半年，利润高达52亿美元，主要来自利息收入，其美国国债的大量持股。到2024年中，他们持有976亿美元的美国政府债务，使他们成为全球金融领域的主要参与者。考虑一下 - 一家持有政府债务的加密公司比某些国家多！

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.

这种盈利能力源于Stablecoin业务模式：用户存入菲亚特，Tether Mints USDT和这些美元投资于低风险资产。 Tether现在是全球20大国库持有人之一，到2025年3月，总销售额接近1,200亿美元。

But here’s the rub:

但这是摩擦：

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的储备惯例和AML合规长期以来一直受到审查。尽管他们出版证明并聘请了财务专家，但全面的独立审计仍然难以捉摸。这引发了有关每个USDT是否真正支持的问题，并且由于监管问题，主要的欧盟平台已经开始推出或限制USDT。

The Bigger Picture: Transparency vs. Profit

大局：透明度与利润

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市场中的主导地位是不可否认的。他们的市值超过了1550亿美元，他们像Circle这样的竞争对手矮。 2024年，系托特（Tether）报告了近130亿美元的毛利润，而Circle的净收入相对较小。

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以其透明度和合规性而闻名，它将其利息收入与Coinbase分配，并接受每月审计。另一方面，系绳将其大部分收入和运营的限制更少。这突出了加密世界中透明度与盈利能力之间的张力。

My Take: A Balancing Act

我的看法：平衡行为

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系列诉讼强调了加密货币的高赌注和复杂的法律景观。尽管系带的财务成功令人印象深刻，但持续的审查和监管挑战却不容忽视。从长远来看，我认为，更大的透明度和遵守监管标准对于Stablecoins保持其在全球金融体系中的地位至关重要。这是在创新和合规性之间步行的绳索。

Final Thoughts

最后的想法

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!

那么，这意味着什么？好吧，摄氏螺旋 - 螺旋传奇还远远没有结束，加密货币世界将密切关注。勒系是否可以继续在法律斗争和监管压力的同时继续担任稳定币国王，还有待观察。可以肯定的是：在加密货币宇宙中，这绝不是沉闷的一天！