Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Tether minted 5 bln USDT by mistake, immediately burned them

Monday 15 July 2019 | 10:53 AM CET

Whale Alert has tweeted that stablecoin operator Tether accidentally minted and subsequently burned 5 billion USDT tokens.

As per Whale Alert, 50 million USDT tokens were transferred from cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. However, the account subsequently reported that Tether Treasury minted 5 billion USDT tokens on the Tron blockchain, after which it burned them.

After that, Tether minted another 50 million USDT on the same chain, burned another 4.5 billion USDT, and finally transferred 50 million Tron-based USDT tokens to a wallet presumably belonging to Poloniex. Tether representatives explained that the company meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain, but a mistake was made with the decimals.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement