Tether mints massive amounts of tokens as cryptocurrency market dips

Large transfers and token movements have always caught the eye of users in the cryptocurrency world, and Tether caused the latest disruption yesterday, on October 24. Whale Alert, the cryptocurrency data aggregator, had tweeted:

“30,000,000 #USDT (30,027,351 USD) transferred from Tether Treasury to #Bitfinex”

The timestamp for the transfer was 23 October 22:37 (a couple of days ago), which occurred from the Tether treasury to Bitfinex. The hash for the transaction was 68ff92b6546113708b1cff3fdaec70a36be6928f7a53ad9b33de13a4ad294e3a. The owner’s address was THPvaUhoh2Qn2y9THCZML3H815hhFhn5YC, while the settlement took place on block 13874556.

The sender address was THPvaUhoh2Qn2y9THCZML3H815hhFhn5YC, while the receiving address was TXFBqBbqJommqZf7BV8NNYzePh97UmJodJ. Some users had a lot to comment on the transfer with Grape, a Twitter user stating:

“Everytime they print it dumps. I’ve been shorting these mintings and it’s been going well. Just short whenever you see it happen. We’re probably going to 5k before November.”

At the time of writing, Tether was trading for $1.01, with a total market cap of $4.14 billion. The cryptocurrency had a 24-hour market volume of $20.57 billion. BitMart, a cryptocurrency exchange, controlled a majority of the Tether trade overseeing $495.29 million worth of trade, followed by Coinsuper, which had a $431.25 million hold on the shares.

Tether was also in the news recently when the Celsius network announced that they would support the stablecoin at a 12 percent interest. Users on the platform will be able to receive interest in USDT or CEL tokens.

Borrowers on the platform can take advantage of the integration as those who post collateral of digital assets can borrow USDT at interest rates of 3.5 percent. The minimum loan amount offered by the company is $15,000.

The new token minting comes in the wake of Tether being slammed by a lot of critics with may calling the stablecoin as “part-fraud, part-pump-and-dump, and part-money laundering.” During a recent lawsuit against Tether, Bitfinex and some other organizations, the plaintiffs had stated:

“This action concerns a sophisticated scheme that co-opted a disruptive innovation — cryptocurrency — and used it to defraud investors, manipulate markets, and conceal illicit proceeds. Part-fraud, part-pump-and-dump, and part-money laundering, the scheme was primarily accomplished through two enterprises — Bitfinex and Tether — that commingled their corporate identities and customer funds while concealing their extensive co-operation in a way that enabled them to manipulate the cryptocurrency market with unprecedented effectiveness.”

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