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The Capital

Altcoin News: Tether Released and Destroyed 5 Billion USDT on the TRON Blockchain

July 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The issuer of stablecoin Tether stirred up the cryptocurrency community yesterday, simultaneously releasing 5 billion USDT on the TRON blockchain.

The event instantly became overgrown with various theories, since over the years of Tether’s existence, the volume of USDT emission reached only 3.9 billion. Confusion, however, turned out to be short-lived — soon Tether burned all-new tokens, releasing 50 million USDT instead.

Paolo Ardoino, technical director of Bitfinex, affiliated with Tether, commented on the situation.

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

Simultaneously with these events, an increase in volatility was noted in the Bitcoin market.

“ Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.” stated analyst Alex Kruger.

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Author: Marko Vidrih

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.