Tether has mistakenly printed $5 billion worth of USDT during a transition from the bitcoin based Omni platform to Tron.
Paolo Ardoino, CTO at Bitfinex, said: “While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals.”
As in they entered too many zeros or misplaced the commas with the project intending to print $50 million. The crypto exchange Poloniex said:
“This occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”
Tether minted the $5 billion at 17:34 London time. They then burned $500 million 4 minutes later, and then went on to burn another $4.5 billion.
In effect cancelling the whole thing. So…