Conduit Sues Tether Over $2.76M Fund Freeze
Conduit alleges Tether froze $2.76M without legal justification for over a year.
- Conduit claims Tether froze $2.76M of its funds for over a year.
- USDT market cap remains at $184.07B despite the legal dispute.
- The case could set a precedent for Tether's fund management practices.
Conduit has filed a lawsuit against 
Tether in a New York federal court, claiming that the stablecoin issuer froze $2.76 million of its funds without providing any legal justification. According to the complaint, the funds have been inaccessible for over a year, raising concerns about Tether's transparency and compliance practices.
The lawsuit comes at a time when Tether's USDT stablecoin maintains a circulating supply of $184.18 billion, according to DeFiLlama. Despite the legal challenge, USDT's price has remained stable at $0.999905, showing minimal market impact from the news. The overall crypto market remains relatively flat, with 
Bitcoin showing a modest 24-hour gain of 0.45%.
The Block is the only outlet to report on this lawsuit, with no other sources corroborating the details at this time. This makes it difficult to verify additional aspects of the case, such as the specific reasons cited by Tether for the fund freeze.
The legal dispute highlights ongoing concerns about the accountability of major stablecoin issuers. As Tether holds a significant portion of the stablecoin market, any regulatory or legal challenges to its practices could have broader implications for the crypto industry.
The outcome of this case could set an important precedent for how stablecoin issuers manage and secure user funds, potentially influencing future regulatory measures in the space.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,365.86 (about $0.9999), down 0.0% over 24 hours. The naira itself trades about 2.6% 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 ₦1,365.86 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 The Block. 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.