Tether Prints $100 Million (USDT) Tokens Day After SEC Says ETH Not a Security


[Update Correction]: it appears this Tether deposit was a ‘simple send' from Bitfinex Wallet and was not ‘granted' which means created/printed tether tokens. Here is the rest of the original article which still holds value even though there are not 100M newly created tokens being minted this time around.

While the controversy has been brewing for over half a year, with all of the recent talk about Tether (USDT) and Bitfinex price manipulation of bitcoin (bitcoin futures contracts expirations also in the limelight here), we figured a brief update regarding what we just discovered was in order:

Today, on June 15, 2018, a day after SEC classifies Ethereum (ETH) as not a Security, Tether (USDT) was thought to print $100,000,000 in tokens:tetherusdtprints100milliontokensYou can click the picture to see it live on omniexplorer.info or go here to see as well or go search for the address:

330e1d253fe93c44cd8c64635c8742cfe0bb4fe9b5435b4d22a02345d1c9f513

As it turns out, from the update above, this was not the case and was merely a Bitfinex deposit. You can use this link to see all of the new Tether's being printed here.

However, from day one, Tether, the cryptocurrency token allegedly pegged to the US Dollar, has been at the source of criticism for its ‘stablecoin‘ utility as no one has ever been able to verify or audit the paper trail regarding Tether's origins or banking connections. Since each USD-Token with Tether is supposed to be backed by one USD (held in reserve), many question the legitimacy of this and wonder if its not created out of thin air to prop up the price of bitcoin.

Here is a good mix of what we uncovered today so far. Ironically, as you can see, many were sarcastically calling for the Tether bail out here:

https://twitter.com/ummjackson/status/1007729056761040898

https://twitter.com/TomTomsCrypto/status/1007665866199261184

There have been many crypto enthusiasts, speculators and of course haters who have tried to call out and label the USDT printing press business as complete fraud and not backed by anything as they continue to print more and more tokens. You can see some past news:

Tether Report: What Research Says On USDT Cryptocurrency?

CFTC Refuses FOIA For Bitfinex and Tether (USDT) Subpoenas Request

What do you guys think? Will the USDT keep printing more tokens despite all of the controversy swarming its hive to help prop back up the price of Bitcoin and the cryptocurrency markets like so many believed happen during the 2017 bull run.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide