Tether had some ties with bankrupt crypto lender Celsius, but it has never borrowed from the platform, according to CTO Paolo Ardoino.
that “Celsius’s loans to Tether were twice its credit limit” on page 183.
The report notes that “Tether’s exposure eventually grew to over $2 billion,” which became an issue in late September 2021 as it was described to the risk committee as presenting an “existential risk” to Celsius. Denying any exposure to troubled Celsius, Ardoino suggested that examiner Shoba Pillay mixed up prepositions in the examiner report, actually meaning “Celsius loans from Tether” instead of “Celsius loans to Tether.”
“Either is a typo or a mis-characterization,” Tether CTO wrote in a Twitter thread started by Financial Times reporter Kadhim Shubber.that the examiner report is associated with some level of miscomprehension, stating: “The examiner's report above describes Celsius having 'loans' to Tether, but I think the exposure comes from Celsius having posted collateral in excess of the amounts it borrowed from Tether.”
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