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ETH Core Points:
Tether News is based on a $42.4 million USDT freeze before the court issued the writ. The plaintiff questioned Tether's power to blacklist addresses, destroy and reissue USDT. The lawsuit calls for wallet access, damages and recovery of reserve proceeds.
Tether News: Two Thai businessmen file lawsuit over US$42.4 million USDT freeze
Two Thai businessmen have sued Tether in court over a US$42.4 million USDT freeze, and the case has entered judicial proceedings. Nutthawat Rukthammachalern and Natthawat Kasamvilas filed the lawsuit in the Southern District Court of New York. They claim Tether blacklisted its Ethereum wallet before the court issued any writ.
According to the complaint, Tether restricted 10 Ethereum addresses in late October 2025. These wallets contained USDT 42,417,785.62 belonging to the two plaintiffs. Businessmen said the freeze was triggered by an informal request from a Homeland Security Investigation agent. They also said they had not received any notification before losing access to the funds.
Tether News focuses on freezing before court order
Kasamvilas allegedly discovered that funds were restricted after trying to transfer USDT. He then contacted Tether to inquire about information about the frozen stablecoin positions. According to the complaint, Tether directed him to an HSI email address. The plaintiff believes that there was no writ or court order when the blacklist came into effect.
The freeze involving Tether USDT is related to a North Carolina investigation involving so-called "pig killing tray" fraud. The HSI Raleigh branch opened an investigation after receiving a victim report involving love and investment fraud.
Investigators claim that the stolen USDT was moved through multiple wallets to conceal its origin. One of the plaintiffs was associated with a wallet allegedly held approximately $26.1 million during the investigation. The wallet had previously been marked as a collection address suspected of being involved in the money laundering process. However, the plaintiffs did not seek to block the government's investigation. Instead, their lawsuit challenges Tether's power to restrict secondary market USDT without judicial authorization.
The February Writ calls for the destruction of the USDT and its reissue
A federal court in North Carolina issued a writ of seizure on February 19, 2026. The writ directed Tether to destroy the frozen USDT and reissue equivalent tokens. These replacement tokens need to be sent to a government-controlled wallet. Five days later, authorities announced they had seized more than $61 million in USDT. Authorities linked the seizure to an address suspected of being linked to money laundering proceeds from the victims of the "pig-killing plate" and publicly thanked Tether for assisting in the transfer of funds.
The two Thai businessmen did not deny the authorities 'claim that the funds involved fraud proceeds. Instead, the news lawsuit against Tether questions Tether's actions before and after the writ. The plaintiff argued that February's writ could not immediately authorize the October blacklist operation. They also questioned whether the writ gave Tether the power to destroy and reissue its stablecoin positions. According to the complaint, they obtained these USDTs through commercial transactions and were not direct customers of Tether.
Tether's latest development: Plaintiff seeks unfreezing, compensation and recovery of reserve proceeds
The lawsuit requires the court to prevent Tether from destroying the disputed tokens and requests a court order requiring Tether to remove the wallet blacklist. If the plaintiffs 'USDT had been destroyed, they also demanded damages. Their demands in Tether News include: illegal embezzlement, property infringement, unjust enrichment and judicial relief. The unjust enrichment claim targets the income Tether earns from reserves supporting the frozen USDT. The plaintiffs argued that Tether continued to earn gains related to government bonds while they were unable to transfer funds. Therefore, they asked the court to order Tether to refund the income.
