Conduit Files Lawsuit Against Tether Over $2.8M Frozen Funds
Conduit alleges Tether froze $2.8M without proper explanation, citing a Brazilian investigation.
- Conduit claims Tether froze $2.8M USDt without adequate justification.
- The freeze is reportedly linked to a 2024 Brazilian investigation.
- USDT market cap remains stable at $184.08B amid the controversy.
- Conduit Sues Tether Over $2.76M Fund Freeze
- Tether Faces $2.76M Lawsuit Over Stablecoin Freeze
- Conduit Files Lawsuit Against Tether Over $2.8M Frozen Funds — this brief
Conduit has initiated legal action against 
Tether, alleging that the stablecoin issuer froze $2.8 million in USDt held in a Conduit-associated wallet. The lawsuit claims that Tether took this action without providing a clear explanation, citing only an ongoing investigation by Brazilian authorities as the reason.
The complaint states that the freeze occurred in connection with a 2024 investigation by Brazilian authorities, though specific details about the nature of the investigation remain undisclosed. Conduit argues that the lack of transparency and communication from Tether constitutes an unjustified action against their assets.
This development comes at a time when Tether's USDt is the largest stablecoin by market capitalization, currently standing at $184.08 billion according to DeFiLlama. Despite the legal challenge, the USDt price remains stable at $0.999951, showing little immediate market reaction.
The broader cryptocurrency market remains relatively flat, with a total market cap of $2.98 trillion. 
Bitcoin is also experiencing minimal movement, down 0.14% in the last 24 hours. The Crypto Fear & Greed Index currently sits at 73, indicating a sentiment of 'Greed' among investors.
The outcome of this lawsuit could have implications for how stablecoin issuers handle fund freezes and communicate with their users. It also raises questions about the transparency and accountability of such actions, particularly when they involve international legal matters.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,367.79 (about $0.9999), down 0.0% over 24 hours. The naira itself trades about 2.8% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 6, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Tether — questions
How much is 1 Tether worth in naira today?
About ₦1,367.79 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9999. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Cointelegraph. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.