Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Amid the current market crash, $1 billion worth of USDT was transferred from Tether’s treasury to Binance.
- The past couple of days were particularly devastating in both the cryptocurrency and the legacy markets.
- During Saturday’s trading session, Bitcoin’s price crashed to a low of around $34,000 on Binance, and it’s currently trading at around $35K, struggling to hold above that level.
- Now, Whale Alert detected that $1 billion worth of USDT was transferred from the Tether Treasury to Binance.
— Whale Alert (@whale_alert) January 22, 2022
- Tether was quick to explain what happened.
In few minutes, Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 2B USDT. The tether total supply will not change during this process.
- This means that Tether has not printed any fresh USDT and is just deploying coins from Tron to Ethereum, sending them to Binance.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.