Tether Treasury lands in troubled waters as it accidentally prints 5 billion USDT followed by a subsequent burn

At 5.34 PM UTC, Tether Treasury minted a massive amount of Tether, and the news spread like wildfire. Tether which was already speculated to carry out suspicious transactions was questioned for printing 5 billion USDT, an amount large enough to shake things for Bitcoin.

The CTO of Tether and Bitfinex, Paolo Ardoino was quick to respond before this could be interpreted as manipulation. He informed the community that printing 5 billion USDT was a mistake and that they were intending to mint 50 million as a part of a swap from Omni to Tron Tether.

The CTO said:

“While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below”

Poloniex Exchange chimed and said that the minting took place when…

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