The popular stable coin issuer Tether has mistakenly issued and consequently burned $5 billion worth of USDT. The move was immediately picked up by the community and the CTO of Bitfinex, Paolo Ardoino, has already given an explanation on the matter. However, the price of Bitcoin immediately reacted, losing about 3.5% in a sudden spike. At the time of this writing, it continues to depreciate.
Tether Prints and Burns $5 Billion USDT
Popular and controversial stable coin issuer Tether has managed to get under the spotlight once again. Yesterday, July 13th, the company mistakenly minted and then subsequently destroyed a massive amount of USDT totaling to $5 billion.