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Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Ozark on October 26, 2018, 09:37:27 AM

Title: TETHER INTENTIONALLY OBLITERATES 500 MILLION USDT
Post by: Ozark on October 26, 2018, 09:37:27 AM

Yesterday Tether quietly took 500 million USDT out of circulation, then promptly destroyed them.

TETHER SUPPLY SHRINKS BY $500 USDT

Yesterday the stablecoin saga took a new twist as Tether Limited, the company responsible for minting and distributing the USD-pegged ‘stablecoin’ Tether (USDT) $0.98895 +0.09%, removed 500 million USDT from circulation and destroyed them.

Blockchain data from OmniExplorer.info shows that Tether moved 500 million USDT from their treasury address to a different address ,which the firm’s website identifies as the official USDT issuing address. Once the transaction was confirmed, the issuing address rejected the tokens which essentially removed them from circulation and also destroyed them. More here (https://bitcoinist.com/tether-obliterates-500-million-usdt/).

Title: Re: TETHER INTENTIONALLY OBLITERATES 500 MILLION USDT
Post by: bubblebubble on October 26, 2018, 09:40:45 AM

Yeah, I already read about this news in this following post:
https://www.altcoinstalks.com/index.php?topic=66022.0

I hope this action is going to be well evaluated by SEC that is investigating on this cryptocoin.

Best

Title: Re: TETHER INTENTIONALLY OBLITERATES 500 MILLION USDT
Post by: Collinberg on November 07, 2018, 11:11:25 AM

I think they did this because of the minting saga that rocked the crypto recently and saw people all over the world dumping the coin because they suspected foul play.

Title: Re: TETHER INTENTIONALLY OBLITERATES 500 MILLION USDT
Post by: bubblebubble on November 07, 2018, 03:20:46 PM

This action was taken before the team published a formal assessment note to demonstrate complete usd pegging.
So the obliteration was functional to demonstrate the corrispondence.