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Tether [USDT] treasury transfers almost 10 million USDT to unknown wallet

Namrata Shukla



Source: Pixabay

Over the past few years, the crypto-space has noted numerous scams and hacks where exchanges have lost large chunks of crypto. While a few were able to gain their funds back, many were left empty-handed. Bitfinex’s hack gained a lot of traction and opened gateways highlighting the various discrepancies in Tether. Following the same, the New York Attorney General’s office had restricted Tether Ltd from using its reserves.

On May 20, Whale Alert, a large cryptocurrency-related transactions tracker, noted a movement of funds from Tether’s Treasury to an unknown wallet. The amount in question was 9,890,100 USDT, worth $9,895,132.

The wallet address of the sender was 5754284f345afc66a98fbB0a0Afe71e0F007B949 and the address of the unknown wallet was reported to be 568cC6EcA34D56f5695B16Ff0250DFA77F247c47. The balance on the receiver’s wallet was 1,537.23823148238991326 Ether, which was worth $387,307.17 and the interesting part was that most of the transactions that took place from this address were in stablecoins, including Tether USD, USD coin, and Paxos Standard.

The hash of this particular transaction was c5194faa1ec81871a136c2bc8cd0e2a0c19e0b204ae64fbb7eeac6de19ca2848.

Source: Whale Alert

Source: Whale Alert

However, the value of transactions was is noted to be zero. Similarly, on May 20, Whale Alert also alarmed the community about another transaction from an address it identifies as the ‘Cryptopia hack’ account to an unknown wallet. The amount in question was 30,790 ETH, worth $7.74 million. The exchange has not yet confirmed the incident.

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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind




XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.

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