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According to the Financial Times, Circle banned the Tether backed cryptocurrency fund Heka Funds at the end of 2023 on suspicion of manipulating the USDC market. In 2024, Heka Funds filed an arbitration claim for approximately $49 million in lost profits due to account suspension. In February of this year, the arbitrator rejected all of Heka Funds' claims, found them to have engaged in malicious behavior, and ordered them to pay Circle approximately $166000 in legal and expert fees.