[ikeboy]

It doesn't matter the price when the loan was originated, because as the affidavit says, Celsius had provided additional capital. When you have an overcollateralized loan, as soon as it goes below the required threshold a capital call goes out, and you liquidate if that's not met. You don't wait until it's at bankruptcy to issue a call.

https://www.ft.com/content/5eff6c38-9410-45af-94f7-2488b3a87... this also confirms some of it:

>“If bitcoin drops, they give us a margin call [and then] we have to give them more bitcoin,” Mashinsky told the FT in October. He said the loans were typically 30 per cent overcollateralised. The price of bitcoin has since dropped by about half to $30,000. The person familiar with the matter said Celsius had indeed posted more collateral as a result of the falling price.

Sure, maybe everyone's lying, including in sworn declarations. Alex has obviously lied a lot leading up to the Celsius bankruptcy, so I'm not going to say that anything he says must be true. But I don't see any particular reason to doubt the claims here that tether's loan was overcollateralized, called, and liquidated with no loss (and in fact they returned excess collateral to Celsius, as per the court document above "preserve the remaining collateral in excess of the value of the loan"). I do think it's unlikely he'd swear to that specific claim under oath if it wasn't true, as he'd have nothing to gain from it?

[VHRanger]

Sure, Celsius may have topped up collateral in the meantime. But that would imply taking in the loan at a higher initial value. The numbers aren't exact, since we don't know when the loan was signed & negotiated.

The numbers don't need to be exact in any case given the magnitude of the discrepancies.

The core issue is, again, that Celsius stopped providing margin in May 2022 but were liquidated on June 15th.

Tether ate the loss for the difference in price between those two dates. Tether should have liquidated Celsius in May 2022, but didn't.

There's no way the math doesn't check out with tether ending up at a loss.

Similarly for the $190m of Celsius equity Tether bought, which is now worthless in bankruptcy proceedings.

The fact is Tether lost a 9 figure sum on Celsius. The only question is what the X is in a $X00,000,000 figure.

[ikeboy]

This is again, nonsensical. As I pointed out above, Bitcoin dropped about 30% from May to June. If the loan was overcollateralized by 30% before that 30% drop, then they'd have been able to liquidate without losses.

The equity is a loss, but that's not what I took issue is, which is your evidence free claim that there was a loss on the loan.