Bot broken? 'Tether prints 3.1 billion USDT' confuses crypto community

08 Apr, 2019 | Updated: 08 Apr, 2019
by Jelmer van der Dussen
Bot broken? 'Tether prints 3.1 billion USDT' confuses crypto community

The cryptocurrency community, and with it probably a lot of trading bots, has been taken by surprise on Monday with reports that Tether printed 3.1 billion (!) USDT, which would raise the circulating supply from just over $2 billion to more than $5 billion. The confusion seems to be caused by a series of tweets by what looks like a broken bot, the FOMO Bot. 

@BotFomo is a Twitter account that automatically sends out a tweet as soon as new USDT is printed. This morning, a series of tweets confused the crypto community. At first, 20 tweets were sent out stating - each time - that over 19 million USDT was issued. 54 tweets saying that 49,947,523 USDT were printed followed. When the FOMO Bot stopped tweeting, the total USDT 'issued' was close to $3.1 billion. 

At first the crypto community was shocked by the amount of Tether that was issued. 

Then it became more clear the bot was having some major issues.

Could the broken FOMO Bot even have caused the sudden drop of 27% in Bitcoin shorts today?

Read more: Bitcoin shorts suddenly drop 27%... to the lowest point this year

So far it seems no new USDT has been issued, However, according to Twitter account @eurtprinter there was a transaction of 20 million USDT going back into the Tether reserve.

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage