Celsius Filed for Tether to Relinquish $3.3B of Bitcoin; Ripple Began Stablecoin Testing

Celsius asked Tether to relinquish $3.3 billion worth of Bitcoin and Ripple began testing for its stablecoin. You're watching Coindesk Daily, I'm your host, Jen Sasi. On Friday, Celsius asked the US court to order Stablecoin issuer, Tether to relinquish more than 57,000 Bitcoin. In response, Tether said it will defend itself against what he called a shakedown litigation brought by the bankrupt crypto lender. According to the lawsuit, the case concerns a loan agreement between Celsius and Tether that allowed Celsius to borrow stable coins to operate certain critical aspects of its business. Celsius alleges that prior to their bankruptcy filing during the 2022 market crash, Tether insulated itself from the impending bankruptcy by making preferential and fraudulent transfers of Bitcoin. Tether. Ceo Paulo Arduino took to a, he said the lawsuit is baseless and said that it's one that will be fought till the end. Tigre Gamar on the Binance executive held in Nigeria is being quote denied adequate access to his legal team and his health is deteriorating rapidly. That's according to an email statement from the Gamar family to Coindesk, Gambar was brought by will to a Nigerian courtroom for a hearing on July 16th. The court then went on holiday with the next hearing scheduled for October 11th. According to the email statement, Gambian's legal team has not been allowed to visit him in Kue prison since July 26th and he is now bedridden. The family also said the prison continues to hold the executives medical records despite a court order for officials at the prison to release them. Finance Nigeria's Security and Exchange Commission and Nigeria's Financial Crimes Commission did not immediately respond to a request for comment and ripple began testing its stable coin on the Ethereum main net and XRP Ledger in a blog post, the company said quote ripple US D is currently in its beta phase and is being rigorously tested by our enterprise partners. It added this phase is crucial for ensuring that the Stablecoin meets the highest standards of security efficiency and liability. Ripple us D is backed by short term Us treasuries, dollar deposits and cash equivalents. The company said it will offer both ripple us D and XRP for global payment services to clients. It also said the Stablecoin is not tradable yet and hasn't received regulatory approval. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.