Tether [USDT] worth 12 million sent from Tether treasury to unknown wallet | ELEVENEWS
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Tether [USDT] worth 12 million sent from Tether treasury to unknown wallet

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Tether has been the center of rumors and speculation for a long time; however, the rumors and speculations reached a peak when NYAG, Letitia James, filed a lawsuit against Bitfinex and Tether for defrauding investors by covering up losses.

The lawsuit might have subsided after the new injunction by New York Supreme Court, but it is likely to resurface again. As per data obtained from CoinMarketCap, the market cap of Tether increased by a couple hundred million in the past month, which adds fuel to the rumor surrounding the exchange. Moreover, about 12 million USDT was moved from Tether Treasury to unknown wallets as seen on Ether Scan.

Whale Alert tweeted:

The funds were split into two transactions, ~5 million USDT and ~6.7 million USDT sent from a single wallet 5754284f345afc66a98fbb0a0afe71e0f007b949 to wallet b1fa690155821bf9191d609593b556048aca517c and 7c7019a8a4e8f0b900b88a3efca951b73afab9e8. The sender has a balance of 42 million USDT.

Source: CoinMarketCap

In addition, the above chart by CoinMarketCap shows how the market cap of Tether [also circulating supply] has increased by over a $300 million in a month, i..e, $2.6 billion to $2.9 billion.

In addition, the above chart by CoinMarketCap shows how the market cap of Tether [also circulating supply] has increased by over a $300 million in a month, i..e, $2.6 billion to $2.9 billion.

A Twitter user @casPiancey tweeted:

Moreover, according to The Block, Tether also admitted in court to investing some of its reserves in Bitcoin. The article stated:“Prior to the April 24th order … Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.”

Source/ambcrypto

Tether

Tether continues to dominate money flow into Bitcoin as the U.S Dollar follows suit

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Bitcoin’s spectacular surge has been the talk of the town, with many analysts and researchers expecting the cryptocurrency to climb to even greater all-time highs. According to a recent analysis, the real reason for Bitcoin’s climb can be attributed to cryptocurrency traders and maturing market fundamentals, and not the introduction of Facebook’s cryptocurrency, Libra.

Mati Greenspan, Senior Market Analyst at eToro, recently tweeted that data suggests a drastic increase in the involvement of cryptocurrency traders who “are already familiar with the market.” The chart showed that Tether, USD, EUR, JPY, Yuan and GBP, all had inflows into Bitcoin. This is quite unsurprising, given the fact that the world’s largest cryptocurrency tested the $13,000 mark on Binance on June 26.

Source: Twitter

Source: Twitter

A majority of the capital from Tether was directed into Bitcoin, with some amount being circulated into the Ethereum ecosystem as BTC/ETH pairs. The capital was also pushed into Litecoin, XRP, Bitcoin Cash and some other altcoins such as ZCash, Tron and Cardano.

Ethereum was second in line to receive funds from the Tether treasury, which was later converted to alts such as EOS and Tron. Tether had its own allocations into other altcoins too, with XRP being the biggest beneficiary. After Tether, the money flow was mostly in the form of the US Dollar. As expected, the dollar flow was greatest towards Bitcoin, followed by Ethereum, Bitcoin Cash and Litecoin.

The U.S Dollar’s dominance in the fiat industry was evident as its compatriots such as the Euro and the Japanese Yen were used only in nominal amounts for cryptocurrency investments. Another striking feature was that fiat currencies such as EUR, JPY, and the GBP only had investments in the form of Bitcoin, while the Chinese Yuan was more diversified. The Yuan was used for Bitcoin as well as for XRP, the third largest cryptocurrency.


Source :ambcrypto

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Tether Treasury prints 100 million USDT; large inflows of stablecoins into exchanges follow suit

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Bitcoin [BTC] breached its $10k and $11k resistances today, which the community celebrated with a hint of nostalgia. However, the Tether Treasury also minted 100 million USDT, as it has for the past few weeks, and it does not appear a normal precautionary act.

Whale Alert, a tracker of large crypto-transactions, alerted the community on June 22 about this activity. The address of the Tether treasury was reported to be 5754284f345afc66a98fbb0a0afe71e0f007b949, and the hash rate of the minting was 4e7ef565be3e0a011d22a690709f0640b86a2178047410cf9dc2f57f2199669b. The following were the transaction details,

Source: Etherscan

Source: Etherscan

The comment section went wild as people were certain there would be a dump underway. Previously, when users questioned Tether Treasury’s printing of USDT, Paolo Ardoino, Chief Technology Officer of Bitfinex, stepped in to inform the community that the minted Tether was “authorized, but not issued.” He further clarified,

“Just it means that these tethers were created in the treasury wallet that will be used to full fill future issuance requests.”

Bitcoin [BTC] breached its $10k and $11k resistances today, which the community celebrated with a hint of nostalgia. However, the Tether Treasury also minted 100 million USDT, as it has for the past few weeks, and it does not appear a normal precautionary act.

Whale Alert, a tracker of large crypto-transactions, alerted the community on June 22 about this activity. The address of the Tether treasury was reported to be 5754284f345afc66a98fbb0a0afe71e0f007b949, and the hash rate of the minting was 4e7ef565be3e0a011d22a690709f0640b86a2178047410cf9dc2f57f2199669b. The following were the transaction details,

Source: Etherscan

Source: Etherscan

The comment section went wild as people were certain there would be a dump underway. Previously, when users questioned Tether Treasury’s printing of USDT, Paolo Ardoino, Chief Technology Officer of Bitfinex, stepped in to inform the community that the minted Tether was “authorized, but not issued.” He further clarified,

“Just it means that these tethers were created in the treasury wallet that will be used to full fill future issuance requests.”

After Ardoino’s clarification, Tether has minted more and more Tether with no explanation whatsoever. However, ViewBase, an account that provides blockchain analytics for traders, noted that after Bitcoin reached $10k, a FOMO set in and there have been large inflows of stablecoins into exchanges.

“$BTC’s surge above $10,000 seems to be triggering FOMO.
Our Telegram bot is picking up large inflows of stablecoins into exchanges. $USDT $TUSD $USDC $USDS”

Source: Twitter

Source: Twitter

Another observation was made by Twitter user, @Silver_Watchdog,

“Someone is d*cking around on Coinbase..”

Source: Twitter

Source: Twitter

The user claimed that these bids were coming from Bitfinex and Binance. Bitfinex and Tether Treasury’s recent encounter with the New York Attorney General has impacted the exchange and such activities have consistently raised alarms. Many traders see a pattern that might take the price of Bitcoin down again. Users ought to be cautious as the market turns more vigilant.

Source :ambcrypto

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Longhash report: Despite its controversies, Tether is “extremely healthy”

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Tether has been at the center of a number of controversies over the past several months. At the end of last year, the company was facing allegations of lacking a one-to-one backing as well as being tangled in the Bitfinex debacle. However, a recent report by Longhash suggests Tether is “extremely healthy.”

As per the report, Tether has been granted a health score of 90 out of 100, marking it as “extremely healthy.” Longhash arrived at the score by using five metrics (stability, market acceptance, risk resistance, growth, practicality) to analyze the token’s health. The report notes that Tether performed well on every metric except practicality.

Gemini Dollar (GUSD), the second-highest ranking coin, received a total score of 78 and beat Tether in both stability and practicality. However, there’s room for improvement in market acceptance and growth, two areas Tether did better.

The report notes that when the New York Attorney General’s report implicated Tether in covering up Bitfinex’s $850 million loss, the stablecoin saw a brief dip. According to the report, this stands as a testament to Tether’s ability to weather a storm.

The report goes on to describe Tether as “concentrated” since more than half of its distribution is on Binance. While its supply didn’t receive a great rating, Longhash state that it fared far better than its competitors – namely, GUSD, Paxos Standard (PAX), USD Coin (USDC), and True USD (TUSD).

The report concludes by stating that the actions of iFinex, Tether’s parent company, may result in the eventual collapse of USDT, but it should be okay for the time being.

Source.chepicap

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