A Brazilian federal appellate court has ruled in favor of Gurhan Kiziloz in the first appeal of a case that has kept $527 million in Tether and physical assets frozen since May, though the ruling marks only an initial step in a process that still has further stages to complete.
The Regional Federal Court of the 1st Region (TRF1) issued the ruling Friday, finding that the original freeze had been based on tax and licensing rules that came into force after the conduct they were applied to had already taken place. The panel ordered the case combined into a single docket and issued an injunction beginning a review of the freeze, but the ruling does not release any funds on its own.
