Tether News Today – Headlines for October 24

  • Tether Mints 30,000,000 USDT Tokens amidst Bitcoin Price Plunge
  • The 30 Million USDT Move to Bitfinex Is a Chain Swap, Not Minting – Paolo Ardoino

Tether News Today – Bitcoin (BTC) just crashed below its major support level. Tether Treasury just minted a huge amount of USDT tokens as Bitcoin (BTC) price continues to head south. According to Whale Alert, Tether moved 30 million USDT to Bitfinex from its treasury. A few days ago, there was a report that the stablecoin operator minted 15 million USDT tokens. However, the Chief Technology Officer of the Tether and Bitfinex came out to clarify that it was a chain swap from ERC-20 to Tron.

Tether Mints 30,000,000 USDT Tokens amidst Bitcoin Price Plunge

A few hours ago, a report by Whale Alert revealed that 30 million USDT tokens were moved to Bitcoin (BTC) from Tether Treasury. The firm moved the USDT tokens shortly after the price of the leading the digital currency in the world plunged below the $7,500 mark. At the press time, Bitcoin is trading slightly below the $7,500 mark.

Tether (USDT) Price Today – USDT / USD

NamePrice
bitcoin
Bitcoin
$8,101.92-0.40%
tether
Tether
$0.999-0.04%

Nevertheless, the CTO of Tether and Bitfinex – Paolo Ardonio – has come out to claim again that it was a chain swap from ERC20 to Tron.

A similar trend occurred not long ago. Tether acted in a similar manner a few weeks ago when it transferred 15,000,000 USDT tokens to Huobi exchange after the price of Bitcoin (BTC) plunged below the $8k level. According to many digital currency analysts and experts, Tether has a predominant effect on the price of the world’s largest digital currency by market cap. Many analysts believe this massive move is an effort to pump the price of BTC.

The 30 Million USDT Move to Bitfinex Is a Chain Swap, Not Minting – Paolo Ardoino

The CTO of Tether and Bitfinex recently claimed that the move of 15 million USDT from Tether Treasury to Bitfinex was a chain swap and not new minting. A few hours ago, after Whale Alert tweeted the move of 30 million USDT to Bitfinex, Paolo Ardoino replied by saying that it was a Chain Swap. He said it was a swap from ERC20 to Tron.

In the past, Tether has been under severe scrutiny by the digital currency community for minting an enormous amount of USDT tokens to potentially manipulate the market. The New York Attorney General also filed a lawsuit against Bitfinex and Tether for covering up a loss of $900 million using USDT reserve. The issue is yet to be resolved and the investigation is still ongoing.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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