Key Takeaways:
Tether sued Titan Holding to recover a $300M loan after Daniel Vorcaro’s arrest and bank collapse.Galaxy’s Alex Thorn notes Tether is crypto’s top CeFi lender, with secured loans reaching $15.8B.Tether next seeks to freeze Titan’s assets, though the $300M default won’t affect USDT’s backing.Tether has introduced a lawsuit in São Paulo to recover $300 million borrowed to Titan Holding, a company part of the Master conglomerate owned by Daniel Vorcaro.
Vorcaro, who was apprehended on Thursday, was also the owner of Banco Master, liquidated by the Central Bank of Brazil in November after a $2.2 billion hole in its reserves was detected.
Nonetheless, until the time of writing, Tether has not received any repayment from Titan Holdings. In the lawsuit, Tether requests “the freezing of financial assets deposited in bank accounts, financial applications, investments, and any other financial assets held by the Defendants Titan, Master Holding, and Master Participações be ordered.”
Even so, Tether is now among a large number of creditors seeking restitution from the Master conglomerate, whose demise caused losses reaching into the tens of billions.
