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Tether Produces 5 Bln USDT by Mistake, Then Burns Them at Once

  • Yuri Molchan
    📰 News

    Over the weekend, Tether Ltd mistakenly released 5 bln USDT coins and then had to burn them, as per a tweet by Whale Alert

Tether Produces 5 Bln USDT by Mistake, Then Burns Them at Once

On July 13, Whale Alert reported that the USDT issuer, Tether, incidentally released $5 worth of USDT stablecoins and then burned them to correct the mistake.

Whale Alert gets alerted on Tether

Whale Alert is an account on Twitter that reports big transactions of crypto between addresses. 

On Saturday, July 13, it spotted a transactions of 50 mln USDT from the Poloniex exchange to the Tether Treasury. The operation was conducted on the BTC ledger via the Omni protocol.

Whale Alert then reported that Tether Treasury had issued 5 bln USDT on the Tron ledger and then destroyed the whole amount.

Later on, 50 mln USDT more were issued on Tron. The company destroyed 4.5 bln USDT and then sent 50 mln USDT made on Tron to a Poloniex wallet, as per Whale Alert.

An intended Omni-Tron USDT exchange

Paolo Ardoino, the Tether CTO, tweeted to the community that the company was intending to swap 50 mln Tether based on the Omni protocol to USDT made on Tron. However, an error with decimals apparently took place.

This was also confirmed by a response on the Poloniex Twitter account.

Some users in the comments have assumed that this was another controversial move by Tether and Company (Bitfinex), saying that the ‘mistake with decimals’ was nothing but money laundering.

Twitter users comments
Image by twitter


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About the author

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.

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