On the TRON blockchain, 5 billion Tether (USDT)

tokens were created and immediately destroyed.

The issuer of steblcoin Tether stirred up the cryptocurrency community this night, simultaneously releasing 5 billion USDT on the TRON blockchain.

The event instantly became overgrown with various theories, since over the years of Tether's existence, the volume of USDT emission reached only 3.9 billion. Confusion, however, turned out to be short-lived – soon Tether destroyed all new tokens, releasing 50 million USDT instead.

Paolo Ardoino, technical director of Bitfinex, affiliated with Tether, commented on the situation.

“In the process of preparing for the transition from Omni to Tron, a problem arose with the numerical discharges of tokens . Please read the transactions during which the tokens were destroyed, ” he wrote.

While preparing the issue for the Omni to Tron swap there. Please check the burn transactions below @ Tether_to https://t.co/reEW51qCqi https://t.co/zo5i3ayTuQ https://t.co/h1Y9Mnr4Oq

– Paolo Ardoino (@paoloardoino) July 13, 2019

Simultaneously with these events, an increase in volatility was noted in the Bitcoin market.

“A quick 5% bitcoin pamp after the fake news about Tether against the background of oversold daily schedules ,” stated analyst Alex Kruger.

Quick 5% $ BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $ 50 million, not $ 5 billion. https://t.co/BZ6h2slbOI

– Alex Krüger (@krugermacro) July 13, 2019

Publication date 07/14/2019
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