Tag: tether (usdt)

Oct 09 2020

Report: Expect Ethereum To Lose the #2 Spot to Tether (USDT) in 2021

Quick take: The team at Bloomberg has predicted that Ethereum could lose the number 2 spot to Tether (USDT) by next year Increasing demand and adoption of stablecoins is the major force behind Tether's rise Stablecoins are a precursor of CBDCs and will most likely be more enduring than altcoins Ethereum has had a relatively stagnant market cap since 2017 when compared to...

Sep 27 2020

Ethereum Projects Continue to Freeze Tokens Affected by KuCoin Hack

Quick take: Multiple Ethereum based projects affected by the KuCoin have intervened Some have frozen their ERC20 tokens with others initiating hardforks The KuCoin hack amount has increased to $203 Million and could continue climbing Almost immediately after the KuCoin hack, the team at Tether announced that it had frozen a total of $33 Million USDT stolen from the exchange. Of this amount,...

Bitfinex CTO: Tether is Not Bitcoin (BTC), USDT is Centralized

In brief: Bitfinex and Tether CTO, Paolo Ardoino, has reiterated Tether is a centralized stablecoin This comes after crypto enthusiasts questions the decision to freeze $33M in USDT from the KuCoin hack Tether also froze $1M USDT on Omni and another $1M USDT on Tron The exchange had also rescued another $1M lost to a DeFi smart contract The CTO of both Bitfinex...

Sep 26 2020

Bitfinex and Tether Freeze $33M USDT from KuCoin Hack

Quick take: Bitfinex CTO, Paolo Ardoino, has notified crypto twitter of the freezing of $33M Tether related to the KuCoin hack Bitfinex has frozen $13 Million Tether (USDT) on EOS Tether has frozen $20 Million USDT on Ethereum Binance has pledged its support in the recovery efforts of funds from the hack KuCoin has offered a $100,000 reward for vital information related to...

Sep 25 2020

Weiss Ratings: Avoid Exposure to Tether (USDT)

In brief: The team at Weiss Ratings has cautioned investors against using Tether (USDT) They cite that USDT is not 100% backed by fiat and Tether is running like a fractional reserve bank They recommend USDC which is subject to constant audits and 100% backed DAI is also an alternative given its transparency via smart contracts The team at Weiss Ratings has provided...

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