Tether Recovers $1 Million USDT Sent to Wrong Defi Address by Chinese Traders

Tether Recovers $1 Million USDT Sent to Wrong Defi Address by Chinese Traders


Tether has recovered and returned $1 million worth of USDT to a group of Chinese traders who, in error, sent the funds to a wrong decentralized finance (defi) address.

On September 8, the group, going under the moniker ‘Bill,’ “accidentally” transferred the money to a Swerve token contract and could not retrieve it.

Trending: Joe Biden Attempts to Demonstrate His Reading and Math Skills at Michigan Rally

In desperation, the over-the-counter traders sent out an SOS on Twitter, and hoped for the best outcome. They were in luck.

Paolo Ardoino, chief technology officer at Bitfinex and Tether, issuers of the centralized stablecoin USDT, responded and requested that the traders open a support ticket.

“If it’s USDt ERC20 stuck in an address we should be able to recover it, but in order to be sure, please contact our customer support and we’ll try our best,” he said.

And then a few days later, on September 11, the good news came through, laced with doses of defi caution.

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!