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FollowingConduit said Brazilian police never targeted the terms of Tether in his wallet and Conduit's claims: Cross-border payments company Conduit Technology sued Tether in federal court in New York, seeking compensation for the frozen US$2.76 million USDT. Tether blacklisted Conduit's treasury wallet on September 24, 2025. Conduit said Brazilian police never asked Tether to freeze his wallet. The company hopes to restore access to funds and receive at least $2.76 million in damages, punitive damages and reserve gains. As of October 7, Tether had not publicly responded to the allegations. Details of litigation
Cross-border payments company Conduit Technology filed a lawsuit against Tether over US$2.76 million, which has been frozen since September 2025. The complaint was filed in the U.S. District Court for the Southern District of New York on October 5. The defendants include Tether Holdings, Tether International, Tether Operations and Tether Investments.
Conduit pointed out that the frozen USDT belongs to its own working capital, not customer funds. The company alleges that Tether restricted the use of the funds without filing any legal claims against it.
Background to the Brazilian investigation
此次纠纷与 2024 年启动的一项巴西联邦警察调查有关。该调查涉及金融中介 Bull Intermediação de Negócios 及其关联公司 Onix Intermediações。Conduit 曾为 Onix 提供支付服务，但该公司表示双方合作关系已于 2025 年 4 月 22 日终止，这比其创建金库钱包（2025 年 5 月 20 日）早了近一个月。
Conduit 强调，Onix 或 Bull 均未拥有该钱包、向其转账或使用其进行交易。根据投诉书内容，巴西警方曾向 Tether 的反金融犯罪部门 T3 分享了一份涉嫌加密资产地址列表，但 Conduit 表示其地址并不在该列表中。
Conduit 引用了 2026 年 7 月的一份巴西官方文件，指出该文件显示 T3 是通过自身分析发现了其他地址，从而标记了 Conduit 的钱包。Conduit 的律师表示，巴西调查人员曾告知他们并未选择该地址进行封锁。然而，这份巴西文件并未随美国投诉书一同公开。
技术限制与法律争议
与比特币不同，USDT 可由其发行方冻结。Tether 的条款规定，在法律要求、地址与调查相关联或公司认为审慎的情况下，可以执行冻结操作。Conduit 并不否认 Tether 在技术上具备冻结代币的能力，但其主张 Tether 缺乏法律依据，且不存在允许其冻结资金的强制执行合同。
The company said that between May and September 2025, the wallet processed 4,427 transactions involving 78 counterparties, with a total value of more than $1.1 billion. Conduit linked the freeze to reduced ability to pay, layoffs and office closures. At present, the court has not yet conducted a substantive review of these claims.
Conduit stated that its lawyers contacted Tether in June 2026 and issued a formal request on August 19. Previously, Tether had directed Conduit to contact Brazilian authorities, but did not release the funds. The lawsuit includes charges of embezzlement, unjust enrichment, breach of fiduciary duty and federal computer fraud. Conduit has requested a jury trial.
The company seeks to restore access to funds, seeks at least $2.76 million in damages and punitive damages, and claims to receive any gains Tether earns from holding reserves corresponding to frozen tokens.
Related Cases and Industry Background
The case follows another lawsuit filed in August by two single Thai businessmen. They challenged Tether to freeze approximately US$42.4 million in USDT spread across 10 Ethereum addresses in October 2025.
Tether often cooperates with law enforcement agencies. In April, the company expressed support for freezing more than $344 million in USDT at two TRON addresses linked to U.S. authorities 'targets.
As of October 7, Tether had not publicly responded to Conduit's allegations. The next steps in the case include serving the complaint and waiting for Tether's response.
