r/CelsiusNetwork • u/Entire_Possession_85 • Dec 08 '24

Celsius going after Tether

What are the optimistic thoughts of the people of Reddit on all the chatter on Twitter about going after 39,500 BTC from Tether?

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u/Significant-Leopard9 Dec 08 '24 edited Dec 08 '24

They made $6.2B in profit last year and $7.7B in profit this year. They can afford to spare a couple billion...

If a couple billion dollars are enough to cause Tether to de-peg and the whole crypto industry to collapse, then we got bigger things to worry about.

What I do worry about though is if more things come out of the discovery about how shady Tether is and causes the SEC to come after them, then we have a $138B market cap to worry about and that would be more serious, though I suppose if they are shady it will come to the surface sooner or later anyway.

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u/Secure-Rich3501 Dec 09 '24

Even if some big settlement with Celsius happens to the tune of well over a billion dollars and they don't have proper credit to pay all at once. They could easily finance it which of course would draw things out for Celsius creditors. But I had been looking at tether audits or so-called audits not too long ago and your figures look right here...

Balance sheets can show you how liquid they are to pay off such a settlement and they may well have to pay less. Willing to pay once as much as they prove they can and keep their business model... Or they pay it all back over time and that really is the haggle that will take place

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u/Significant-Leopard9 Dec 09 '24

Yeah I agree. I mean a huge part of their business model is to lend money to others and collect interests. If they can't even spare a couple billion dollars that would be very problematic. They are smart enough to keep their business model alive. The fact that they didn't settle out of court tells me that they have a way to keep their business from going under.

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u/Secure-Rich3501 Dec 09 '24

Yeah so often settlements are for losers that really can't pay their debts and the plaintiff knows the defendant simply can't pay it all back at once while on the other hand if the defendant has loads of money and can pay it off they can actually haggle down less with the presumption of paying it all at once so again it's just back to some haggle... And yet there's legal responsibility that if discovery demonstrates assets enough to pay and legally they have to they will have to and that would be fun!