Tether recovered and returned $1 million worth of coins to Chinese traders that sent the coins to a wrong DeFi address as we read more in our tether cryptocurrency news today.
Just a few days ago, Tether recovered and returned $1 million to the group under the moniker “Bill” that accidentally transferred the money to a Swerve token contract and were unable to retrieve it. In desperation, the traders issued an SOS on Twitter and hoped everything will go back to normal. As it turned out, they were in luck.
Paolo Ardoino’s chief technology officer of Bitfinex and Tether responded and requested that the traders open a support ticket:
“If it’s USDt ERC20 stuck in an address we should be able to recover it, but in order to be sure, please contact our customer support and we’ll try our best.”
A few days later, the good news came for the traders and they were laced with DeFi caution as Ardoino tweeted:
“Use defi projects at your own risk but if you do, at least make sure to use tether. 1M $USDt recovered and returned to the legitimate owner(s).”
The Etherscan transaction that Ardoino shared on his twitter wall, shows that about 1,010,808 USDT valued at $1.02 million were sent back to Chinese investors. Tether was able to recover the lost funds because it is a centralized financial network that gives it some control over the users’ funds because a noncustodial DeFi platform will not. Suggestions by Blockstream’s CSO Samson Mow to recover the funds by burning the million-dollar USDT and then re-issuing it didn’t really do any good. Paolo Ardoino explained how the funds could be retrieved in the right manner:
“The only solution would be requiring, for each transfer, an additional signature provided by a Tether watchtower. Such [a] system would allow Tether to “freeze” funds. But burns of tokens on specific addresses are not possible.”
As recently reported in our tether news, The company behind USDT, Tether launched on Solana, and said that the users will be able to exchange USDT at a speed greater than 50,000tx/s for less than $0.00001. Tether is the creator of the largest stablecoin in the market and announced its latest partnership with the Solana network. according to a press release, Tether will be integrating USDT into the Solana network to leverage the low costs and the high speeds.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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