The company responsible for the most valuable stablecoin in terms of market capitalization, Tether (USDT), alleges that it has never received a loan from the defunct cryptocurrency lender Celsius. This claim is based on the fact that Celsius no longer exists. The technical director of the firm is the one who provided this information.

The technical director of the Tether cryptocurrency exchange, as well as the Bitfinex platform, Paolo Ardoino, took to Twitter on Jan. 31 to make the statement that Tether “never borrowed from Celsius.”

The tweet was issued in response to Celsius’ bankruptcy examiner’s report, which claimed to have erred in stating that Tether was among Celsius’s creditors along with other companies such as Three Arrows Capital, which borrowed $75 million from the company. .

On Jan. 31, the examiner’s report was made public, and on page 183, it said that “Celsius’s loans to Tether were double their credit limit.”

According to the report, “Tether’s exposure eventually grew to over $2 billion,” which became an issue in late September 2021 when the risk committee described it as an “existential risk” for Celsius. The report also states that “Tether’s exposure eventually grew to over $2 billion.” In addition to this, the study claims that “Tether’s exposure eventually increased to over $2 billion.”

Denying any exposure to problematic Celsius, Ardoino claimed that examiner Shoba Pillay had confused the prepositions in the examiner’s report, and that what he really meant was “Celsius loans from Tether” rather than “Celsius loans to Tether”. This statement was made in response to the fact that Ardoino claimed that the examiner had made a mistake.

A Financial Times contributor named Kadhim Shubber started a dialogue on Twitter in which Tether’s CTO commented that the statement was “Either a mistake or a mischaracterization.”