Market Chatter: Circle Bars Tether-Backed Fund After Market Manipulation Concerns, Court Filing Shows

MT Newswires Live07-15

Circle Internet Group (CRCL) barred Heka Funds, a crypto investment vehicle backed by rival stablecoin issuer Tether, from redeeming its USDC stablecoin after suspecting the fund of market manipulation, the Financial Times reported late Tuesday, citing arbitration documents made public on the same day.

The documents, filed in federal court in Boston, show Heka sought $49 million in damages after Circle suspended its account in late 2023, but an arbitrator rejected the claim and awarded Circle about $166,000 in legal fees, according to the report.

Circle reportedly argued Heka redeemed unusually large amounts of USDC during the 2023 Silicon Valley Bank crisis and suspected the proceeds were being funneled to Tether.

Circle, Heka and Tether did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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