Cross-border payments firm Conduit has sued Tether, alleging the stablecoin issuer froze $2.76 million in USDT held in Conduit’s treasury wallet and has not restored access. The complaint reportedly links the freeze to a Brazilian investigation involving a former Conduit customer; Conduit disputes that its wallet or funds were connected. These are allegations described in news reports, not findings by a court.
What does Conduit allege Tether did?
Conduit alleges that Tether froze $2.76 million in USDT held in a company treasury wallet. The Block reported on October 6, 2026, that Conduit filed a complaint in the U.S. District Court for the Southern District of New York and says it still cannot access the tokens. The amount is what the complaint reportedly puts at issue, not a court-verified loss. The Block’s report
Cointelegraph also reported that Conduit says the freeze happened in September 2025 and was connected to a Brazilian investigation. Cointelegraph’s report
Why was the USDT reportedly frozen?
According to the reporting, the Brazilian investigation involved Onix Intermediações, a former Conduit customer. Conduit says it began holding USDT in a digital treasury wallet in May 2025, and that Onix had stopped using Conduit’s platform before the wallet was created. Conduit also argues the wallet did not contain Onix funds. These are positions attributed to Conduit’s complaint in the news coverage; the underlying complaint and Brazilian records are not available in the sources cited here.
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The Block further reported that Conduit says law enforcement confirmed it had not flagged the treasury wallet and that a Brazilian court confirmed Conduit was not under investigation in the Onix matter. Those, too, are reported assertions by Conduit, not independently established findings in the materials available here.
What is Conduit asking for?
The Block reports that Conduit seeks access to the $2.76 million in USDT, plus at least another $2.76 million in damages and claimed profits or interest associated with reserves backing the blocked tokens. The additional amount is relief Conduit reportedly requests; it is not an award or a ruling that Tether owes the money.
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What is established about the case—and what is not?
- Reported allegation: Conduit says Tether froze $2.76 million in USDT in September 2025 and has not restored access.
- Reported filing: The Block reported on October 6, 2026, that Conduit filed suit in the Southern District of New York.
- Not established: The available reporting does not provide an accessible primary complaint or verified docket record, and does not establish the case’s current procedural status. A secondary account said it could not access readable complaint and docket details and described the case as being at the initial complaint stage; that does not confirm the full current docket.
- No merits decision reported: The available sources establish no court finding about whether the freeze was lawful or whether Conduit is entitled to the tokens or additional relief.
- No Tether response established: The cited materials do not provide a statement from Tether.
Accordingly, the complaint’s reported phrase “no legal entitlement” should be understood as Conduit’s allegation about Tether’s basis for retaining the tokens—not a judicial conclusion.
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