Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Cryptopedia
  • Advertise
  • Submit PR
CLOSE

Tether News

Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them

Published

on

tether
FO6E3842CAC44 - Tether Minted 5 Billion USDT By Mistake - And Immediately Burned Them

The stablecoin operator Tether is in the coming altcoin news for accidentally minting and subsequently burning 5 billion in USDT tokens. A Twitter profile named Whale Alert showed that Tether minted 5 billion USDT by mistake in a tweet published on July 13.

Commonly known in the crypto community because of the reports linked to moved funds, Whale Alert is a Twitter account dedicated to reporting large cryptocurrency transactions. As the profile noted, 50 million USDT tokens were transferred from the cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether minted 5 billion USDT on the Tron blockchain which is why it burned them afterwards.

After that, Tether minted another 50 million USDT on the same chain and burned another 4.5 billion USDT. Finally, Tether transferred 50 million Tron-based USDT tokens to a wallet that presumably belonged to Poloniex.

“Official news is that the amount printed should be have been 50M as part of a swap from Omni to Tron Tether. This was corrected by burning the full amount in two subsequent transactions,” the Twitter profile of Whale Alert added later on.

In a tweet, the CTO of Tether Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain. However, a mistake was made with the decimals which is how Tether minted something extra and why they burned these coins.

“While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below,” he noted.

The cryptocurrency exchange Poloniex confirmed this in a tweet, stating:

“Paolo is correct – this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”

As many best cryptocurrency news sites reported earlier this week, the New York based Metropolitan Commercial Bank shut down the accounts associated with Tether. The bank reportedly closed the accounts after a request last year.

The altcoin news today show a lot of red on the market and a market cap that lost more than $30 billion overnight, dropping to a new point at $278 billion.

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Tether News

Tether Moved All USTD Activity To The Ethereum Network

Published

on

By

Tether moved
Tether moved all of the USDT activity on to the Ethereum network and the analysis shows that most of the coins are now active on ethereum with residual activity on the Bitcoin Omni layers as we are about to read further in the Tether coin news below.While Tether completed the switch, there was no minting of new coins that could significantly influence the network. Most of the newly minted assets were only a technicality to move the new coins to the Ethereum network. Right now, the network has about 2.023 billion coins with some smaller issuances on the EOS, TRON and Algorand networks. The data is the same as the earlier one from the recent discovery that the action of ERC-20 USDT had a greater effect on the BTC prices in comparison to the Omni-based USDT. This is not strange since the biggest carriers of the ERC-20 USDT are exchanges such as OKEx that have a high concentration of BTC activity.Currently, the usage of ERC-20 USDT starts to reveal a pattern of retail usage but in the summer months, the large-scale wallets belong to exchanges handled the tokens. The Tether USD smart contracts remain the second most active on the Ethereum blockchain and it burns gas for more than $450,000 per month. The Tether smart contract is leading again and with the Fair, Win FOMO stopped, the burns increased by 13 percent of all gas based on the Ethereum network. The levels are still fine since most of the coins are mostly moved between exchanges. USDT will become dependent on a network that will have to switch its block production to proof-of-stake and ironically, the crypto market will rely on the stability and activity of the Ethereum network.Tether moved all of the USDT to the ethereum blockchain and the usage of the tokens remained high but the leading coins are losing some of their market shares. USDT now takes up about 95 percent of the market for stablecoins down from the previous 99 percent a few months ago. The competitors like Paxos Standard take up to 2 percent of the market while USDC also grows its supply dramatically.
`
Continue Reading

Tether News

Lawsuit Against Tether And Bitfinex: NY Firm Accuses Them Of Market Manipulation

Published

on

By

lawsuit against tether
A New York based legal firm recently filed a lawsuit against Tether (USDT) and the Bitfinex exchange which issues the stablecoin, accusing them both of cryptocurrency market manipulation.Roche Freedman is the name of the legal firm which recently filed a class action lawsuit alleging that the firm behind the stablecoin and the affiliated exchange have been defrauding investors, manipulating markets and concealing illicit proceeds. The suit is in the cryptocurrency news today, after the firm's founding partner Kyle Roche took everything to Twitter yesterday.As we can see from the tweet, Roche explained the lawsuit against Tether and Bitfinex and accused them of creating the "largest bubble in history." Filed on October 6, this complaint document states that both Bitfinex and Tether primarily accomplished a "sophisticated scheme" involving "part-fraud, part pump and dump, and part money laundering."The lawsuit against Roche Frieedman is in the Tether coin news, showing that Roche Freedman argues that Tether's claim of backing the number of its Tether tokens (USDT) by equal amounts of US dollars was a lie. Instead, the company said that Tether "issued extraordinary amounts of unbacked USDT to manipulate cryptocurrency prices." The document reads:
“Because the market believed the lie that one USDT equaled one U.S. dollar, Bitfinex and Tether had the power to, and did, manipulate the market on an unprecedented scale to profit from boom-and-bust cycles they created.”
The lawsuit against Tether and Bitfinex is in the Tether crypto news and comes two days after both Tether and Bitfinex published statements confirming that they had become aware of an unreleased paper which was “falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market.”Alleging that their paper contained "baseless accusations," the lawsuit against Tether and Bitfinex said that they might vigorously defend themselves if lawyers use the source to launch a new lawsuit.Meanwhile, the price of Tether is not an issue because as a stablecoin, it is pegged to the US dollar. Currently, USDT is at $1.01 and its daily volume is at $22.13 billion which is a solid indicator that a new increase (and influx of money) might be coming on the market.
`
Continue Reading

Tether News

Tether Expects Another Lawsuit Based On Market Manipulation

Published

on

By

Tether moved
Tether expects another lawsuit according to the website of the platform saying that the research ‘’Mertiless and Mercenary’’ shows how the company manipulated the markets and we are about to read further in the latest news on altcoin.Tether was under an investigation by the New York Attorney General for more than six months and had a deadline to hand over documents until October 14th. The controversial platform has been subject to scrutiny for more than a few years and it still continues to print millions of their USD pegged digital coins. in less than two years, the circulating supply of USDT increased more than 10 times and that is one of the reasons why Tether expects another lawsuit.The study was done by the University of Texas which was published last year, claims that the price of the benchmark cryptocurrency was mostly affected by the issuance of new USDT tokens. Only recently, the research performed by TokenAnalyst.io shows that when new Tether coins are issued, the price of Bitcoin rises as much as 70 percent of the time. Tether claims that the business model of the platform is to receive money from institutional investors and mint an equivalent number of tokens which are later handed over to their clients. However, Tether makes it very clear in their terms of service as you can read on their website, that they will not reimburse USDT for dollars.The NY State Attorney General in April 2018, launched an investigation for Tether and their parent company iFinex who now owns one of the most popular exchanges Biftinex. The investigation was mostly focused on cover-ups to hide the lost funds and clients altogether. As per the cryptocurrency news, around the same time in April that year, Tether’s attorneys revealed that USDT was only backed by 74 percent by their reserves. For each tether that is in circulation, the company had $0.74 to back I up. Tether still has to produce some documents for the New York Attorney General’s office and on top of that, after many years of operation, the company still fails to deliver an audit on their finances despite the many promises they made.
`
Continue Reading

Tether News

Tether’s Burning Of 400M USDT Could Crash The Bitcoin Price

Published

on

By

Tethers Burning
Tether’s burning of the 400 million USDT tokens could lead to a massive downtrend for the bitcoin price according to the twitter user Whale Alert as we are reading today in our altcoin news.Many of the investors are now fearing that the token burn could crash the price of the number one cryptocurrency since just yesterday, the crypto community found out that the controversial cryptocurrency Tether will burn $400 million worth of USDT. The amount of burnt coins is relatively considerable since the total supply of USDT Is 4.1 billion currently. The tweet sparked fears that the move by tether could affect the Bitcoin price since there is a correlation between the USDT supply change and the bitcoin price movements. More of the USDT coins show there could be an increase in liquidity which usually fuels the bitcoin trading volume and acts as a bullish signal. It is important for the markets not to panic. Tether is simply moving out parts of its coin from Omni to Ethereum.Tether’s burning of the 400 million USDT tokens have the ability to slash the Bitcoin price but the move is part of a swap to Ethereum. Interestingly, the Twitter user mentioned already that this move is a part of a swap and the corresponding burn on Omni still hasn’t happened. However, when the burn took place yesterday, Whale Alert didn’t make the connection and explain why this happened. Tether confirmed that the 400 million USDT burnings were a part of the swap. The problem is that Tether plays with the minting and burning hundreds of tokens just like that and this could seriously affect the bitcoin price.As reported previously in some of the best cryptocurrency news sites, Tether Limited expands and is now cashing in on the sentiment because of the dangers thanks to the gloomy economy which is led by the ongoing US-China trade war which sends the investors choosing safe-haven assets such as Bitcoin. CNHT aims to remove the necessity of exchanging yuan each time when there is a need to purchase or sell bitcoins. It could also provide liquidity between the two currencies because the investors trust Tether for maintaining the 1:1 peg to yuan.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - Tether Minted 5 Billion USDT By Mistake - And Immediately Burned Them

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - Tether Minted 5 Billion USDT By Mistake - And Immediately Burned Them

Join us on Facebook

ADVERTISEMENT

300 250 - Tether Minted 5 Billion USDT By Mistake - And Immediately Burned Them

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

november

No Events

FO710FC3F2305 1 - Tether Minted 5 Billion USDT By Mistake - And Immediately Burned Them

ADVERTISEMENT

300 600 3 - Tether Minted 5 Billion USDT By Mistake - And Immediately Burned Them

Trending Worldwide

Show Buttons
Hide Buttons
X
X