Whale Alert shows newly minted 60,000,000 USDT at Tether treasury

Sateesh Swaminanthan
I am a techsavy, otaku and Crytogeek. loves to talk and write about latest tech, new anime and happenings in Cryptosphere.
  • Whale Alert is known to be a service that enables users to live track and analyze millions of transactions happens in the blockchain.
  • A transaction had happened in the tether which goes around 60,000,000 USDT.
  • It is feeding the pyramid scheme with the money that is printed out of thin air

What is a Whale Alert?

Whale Alert is known to be a service that enables users to live track and analyze millions of transactions happens in the blockchain. The blockchain service includes alert and tracking to help to make the blockchain data transparent and accessible.

It identifies transactions from exchanges and individuals in and out and these transactions are later processed and stored in their databases which can be accessed through website or API.

Tether mint transaction

Recently Whale Alert tweeted from its official twitter handle @Whale_alert

the tweet was about the transaction that happened in the tether which goes around 60,000,000 USDT and to which Whale Alert Is claiming these a newly minted in tether treasury.

The newly minted 60,000,000 USDT(Tether) amounts to 60,083,960 US-Dollar which took place on Monday, 24 February 2020 10:51:32 UTC. The transaction hash is 0x212438bcdf95b894ea96b695324579b74ceb72fa6b72eecd8fd2a33896090870. 

Pyramid Scheme:

These tweets led to people discussing and making theories on the transaction of this enormous sum and especially one twitter user @berenbergdc tweeted:

that it is feeding the pyramid scheme with the money that is printed out of thin air. He even called that money counterfeit and gave a sarcasm that “this will end well”.

Mystery Solved!

The tweet made quite an attention in the post and finally Paolo Ardoina, CTO of Bitfinex and CTO of Tether tweeted from his official tweeter handle @paoloardoino

Announcing that it is an inventory replenish and do note that it is an authorized transaction but not issued one and that gives entirely new meaning for this transaction.

This amount will be used as inventory for next period issuance requests and the last one made on 19th February which lasted 5 days. This tweet clarified the purpose and usage of the new mint tether transaction and clarified all the doubts surrounding it.

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