LBank challenges trader’s account-freeze allegation
LBank has rejected a Korean trader’s claim that roughly $1 million in USDT was frozen while profitable futures positions were liquidated.
LBank has rejected a Korean trader’s claim that roughly $1 million in USDT was frozen while profitable futures positions were liquidated. Tether (USDT) is trading at $0.999. This is an original TLT brief based on reporting by Crypto.news, with live market data added, as of Tue, 10 Nov 2026 23:45:02 UTC.
The dispute raises concerns about traders’ control over exchange-held funds and the operational risks surrounding futures positions. It also tests LBank’s response to an allegation involving substantial assets and forced liquidation.
- Trader alleges LBank froze roughly $1 million in USDT.
- Profitable futures positions reportedly closed through liquidation.
- LBank rejects the trader’s account-restriction claims.
- USDT remains near parity amid a broadly declining market.
Crypto.news reports that a Korean trader accused LBank of restricting access to profitable positions and freezing approximately $1 million in USDT. The trader says he was unable to close his futures positions before they were liquidated, turning the dispute into an allegation about both fund access and exchange control over trading activity. According to the report, LBank rejected the claims on Nov. 10. The exchange’s position is that it did not restrict the trader’s ability to operate a profitable account, although the supplied summary does not provide further detail about its supporting evidence. ZachXBT is also weighing in, but the available coverage does not set out the substance of that contribution.
Crypto.news is the only outlet included in the supplied coverage, so there is no independent corroboration of the trader’s account details, the precise value frozen, or the circumstances leading to liquidation. The report nevertheless presents two competing accounts: the trader’s allegation of blocked withdrawals and positions, and LBank’s rejection of the claim that profitable traders were being restricted.
The incident concerns USDT, a major dollar-linked asset used on exchanges and in derivatives markets. DeFiLlama’s live figure puts USDT’s circulating supply at $176.25 billion, while its quoted market capitalization stands at $176.91 billion. 
Tether was trading at $0.999254, up 0.01% over both 24 hours and seven days, indicating minimal deviation from its $1 reference level despite the broader market weakness.
The wider crypto market capitalization is $2.51 billion as reported, with the market broadly lower and 
Bitcoin down 1.92% over 24 hours. The Fear & Greed index stood at 32, placing sentiment in the “Fear” range. The dispute is relevant because it highlights how account controls and liquidation mechanics can affect substantial exchange balances, although the single-source account does not establish whether the reported freeze or liquidation resulted from unusual market conditions, account restrictions or another cause.
Since this brief published about 5 hours ago, Tether (USDT) has moved from $0.9993 to $0.999 — -0.02%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,388.21 (about $0.999), up 0.0% over 24 hours. The naira itself trades about 3.0% 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 · November 10, 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.
LBank challenges trader’s account-freeze allegation — questions & answers
What did the trader allege LBank did?
The trader alleged that LBank froze roughly $1 million in USDT and prevented him from closing profitable futures positions before they were liquidated.
How has LBank responded to the accusation?
Crypto.news reports that LBank rejected the claims on Nov. 10, denying that it restricts profitable traders.
What did ZachXBT contribute?
The supplied coverage says ZachXBT was weighing in, but it does not specify his findings or conclusions.
How much is 1 Tether worth in naira today?
About ₦1,388.21 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.999. 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 Crypto.news. 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.