Saturday, March 6, 2021

Whale Alert: $20 million worth USDT minted at Tether Treasury

The Takeaway:

Tether minted worth $20 million USDT on 10th September. Out of those, $10 million worth cryptocurrency was transferred to an unknown account by Tether Treasury. Controversial stablecoin minted worth $150 million new USDT back in June of this year.

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Whale Alert revealed that $20 million worth USDT was minted on 10th September at Tether treasure. Just a few hours after the cryptocurrency was minted $10 million worth USDT was transferred by them to an unknown wallet. 

Transaction: https://etherscan.io/tx/0x50fd4586779b0e210a96f4f5d1f396bae026e1662126452cbc5b9e54369ce833

Tether Treasury in June minted around $150 million worth USDT. A recent report from Bloomberg revealed that Etherum network is almost full because of USDT. Blockstream CEO went on to say that the blockchain network is a technological dead end. Tether initially started as dollar-pegged cryptocurrency

The crypto community is closely observing the actions of Teather treasury. CryptoCompare‘s July Exchange noted that 67% of all bitcoin trading across its analyzed markets is in pairing with USDT.

Tether has been a topic of debate among the crypto community as many doubt whether the stable coin is consistently backed by the cash deposits or not. Earlier Tether revealed that USDT is only 74% backed by cash and other assets.

Earlier this year, New York State Attorney General filed a lawsuit against Bitfinex and Tether alleging that both companies participated in a cover-up of $850 million.

Tether has a market capitalization of more than $4 billion. Let us know in comments what do you think the impact of Tether’s actions would have on the crypto market?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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