Conduit Technology, a cross-border payments platform, has filed a lawsuit against Tether, the company that issues the USDt stablecoin. Conduit claims that in September 2025 Tether froze $2.76 million in USDt held in a Conduit wallet and gave no reason. Headlines have rounded the figure to $2.8 million.
The lawsuit links the frozen wallet to an investigation that Brazilian authorities opened in 2024. According to the report, Conduit's complaint is that Tether gave it no explanation when it froze the funds.
The report was published on Oct. 6, 2026, roughly a year after the freeze Conduit describes. The available report does not include a response from Tether. It also does not say which court the case is in, what Conduit is asking for, or what the Brazilian investigation is about.
For someone already holding a perpetual position, this changes nothing directly. The case is about one company's wallet and one freeze. The report says nothing about funding rates, trading fees or liquidity on Bitget, Bybit, MEXC or OKX.
Source: cointelegraph — Conduit sues Tether over allegedly freezing $2.8M without explanation