Tether Prints $5 billion worth of USDT by accident...

14 Jul, 2019 | Updated: 14 Jul, 2019
by Will Heasman
Tether Prints $5 billion worth of USDT by accident...

Yesterday Tether’s minting of 5 billion USDT was noted by the ever-vigilant Whale Alert, becoming the largest amount printed by the firm in its nascent history. This was later confirmed to be an accident, so what exactly happened?

The alert went live at approximately 11 pm (UTC) yesterday evening, stealing the immediate attention of the entire crypto community, who, along with the usual call for a market pump, had a few theories on what happened.

Unfortunately for the moon boyz, all hopes of a potential pump were dashed when 4.5 billion USDT was burned by Tether shortly after…

Paolo Ardoino, CTO of Bitfinex and Tether, noted that this was actually a case of a missing decimal…

The amount that was meant to be minted was actually 50 million USDT. Crypto exchange Poloniex, cleared things up further by stating that the debacle emanated from a USDT chain swap:

“This occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”

Responses to the official account were mixed with some ranging from flat out ridicule, to others doubting that the minting of 5 billion USDT was a ‘mistake.’

While the reason behind Poloniex’s decision to move their USDT from to Tron is unknown, Trustnodes supposes that it may have been to elevate pressure From Bitcoin s limited capacity.

What do you think? Was this a true mistake or is there something else going on? Let us know your thoughts in the comments!

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