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Thursday, October 6, 2022

Tether Announces Liquidation Of Celsius

Tether is one of the biggest names in the crypto market at the moment. The company has been on the rise for the last few years. They have made a significant amount of progress in the recent crypto market. The rapid success of the company attracted a number of individuals to enter the world of cryptocurrency. However, recent time has been dark for the market. The market has experienced unprecedented levels of loss in the past few months. Some of the giants of the system like Bitcoin and Ethereum have struggled to find their foothold as well. They incurred heavy losses and also saw the prices to new lows. Companies like Coinbase are on the verge of liquidation.

To add to the growing miseries, Tether has declared the liquidation of Celsius. The announcement came recently and was relayed to the investors and users of the company. However, the company assured its users that the liquidation of Celsius will not affect the USDT reserves at all. The company stated that the denominated loan to Celsius has been liquidated fully. However, the company also assured the fact there was no need to be concerned about the stablecoins. Let us learn more about the story in detail below. 

Tether Assures Investors About Potential Risks 

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Tether assured its investors that there was no risk involved with the agreement of lending of the company with Celsius. They also clarified the fact that the agreement prevented the possibility of any risks to its business. The agreement also allowed the company to liquidate the latter in order to cover the loan. 

The official statement issued by Tether stated that the agreement was made in such a way that the impact on the market would be minimal. 

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