1 Bln Tether in One Go – Massive Invalid USDT Transactions Spotted by Whale Alert

Latest Cryptocurrency News
Sat, 01/11/2020 - 11:41
Yuri Molchan
Whale Alert has spotted massive USDT transactions which then proved to be invalid – what is happening out there?
1 Bln Tether in One Go – Massive Invalid USDT Transactions Spotted by Whale Alert
Cover image via 123rf.com
Contents

On Saturday, January 11, the Whale Alert Twitter account informed the community about a USDT transaction over 1 bln coins sent between unknown wallets.

The Enormous Transactions Proved Invalid

However, later on, it proved to be invalid. Now, the account tweets that it detected several invalid fund moves like that but decided not to display them, so as not to disturb the community in vain.

The tweet displaying the transaction of over 1 bln Tether has been removed.

The community wonders why this is happening, offering various explanations that are far from serious – from a BSV pump to a 51 percent attack on Tether.

On Friday evening, the BSV price demonstrated a surge by 32 percent. Then, according to CoinMarketCap, BSV kept rising until today it has grown by 41 percent. 

BSV price CMC
Image via CoinMarketCap

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Large USDC Token Burns

If we look at another USD-backed stablecoin, Whale Alert has recently reported several large USDC transactions after which those stashes were burned in The Incinerator.

USDC burned
Image via Twitter

Token burning is usually done to reduce the number of coins in circulation, which is likely to make them more scarce and push the price upwards. However, prior to these USDC incinerations, the largest crypto exchange Binance delisted USDC trading pairs as the trading volume was too low.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.