{"id":109880,"date":"2019-07-15T20:00:10","date_gmt":"2019-07-16T03:00:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=109880"},"modified":"2019-11-07T02:31:17","modified_gmt":"2019-11-07T02:31:17","slug":"tether-accidentally-issues-5bn-worth-of-usdt-claims-it-was-an-issue-with-decimals","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-accidentally-issues-5bn-worth-of-usdt-claims-it-was-an-issue-with-decimals\/","title":{"rendered":"Tether accidentally issues $5bn worth of USDT, claims it was an issue with decimals"},"content":{"rendered":"<p>Tether, the issuer of the USDT accidentally issued $5 billion worth of its own <a href=\"https:\/\/cryptoslate.com\/cryptos\/stablecoin\/\">stablecoin<\/a> while <a href=\"https:\/\/cryptoslate.com\/companies\/poloniex\/\">Poloniex<\/a> was conducting a USDT chain swap from Omni to Tron. The CTO of Bitfinex and Tether said there had been an issue with the &#8220;token decimals,&#8221; after which the company burned the entire 5 billion supply.<\/p>\n<h2>Tether makes a $5 billion mistake<\/h2>\n<p>In what could be the most expensive typo ever made, <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether<\/a> mistakenly issued and subsequently burned 5 billion USDT coins. The mistake was first spotted by Whale Alert on July 13, a Twitter account dedicated to reporting major crypto transactions.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">? ? ? ? ? ? ? ? ? ?  5,000,000,000 <a href=\"https:\/\/twitter.com\/hashtag\/USDT?src=hash&ref_src=twsrc%5Etfw\">#USDT<\/a> (4,996,932,524 USD) minted at Tether Treasury<\/p>\n<p>Tx: <a href=\"https:\/\/t.co\/2FzJrc3tyi\">https:\/\/t.co\/2FzJrc3tyi<\/a><\/p>\n<p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/1150161710587764737?ref_src=twsrc%5Etfw\">July 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The tweet initially caused a massive stir in the crypto community, leaving many traders in disbelief over how the company managed to mint $5 billion worth of cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">More than the entire USDT supply suddenly issued on Tron.<\/p>\n<p>This is a joke or a Tron bug, people.<\/p>\n<p>&mdash; antiprosynthesis (@antiprosynth) <a href=\"https:\/\/twitter.com\/antiprosynth\/status\/1150163362992594944?ref_src=twsrc%5Etfw\">July 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, Tether reacted quickly and burned the entire supply within minutes. <a href=\"https:\/\/cryptoslate.com\/people\/paolo-ardoino\/\">Paolo Ardoino<\/a>, the chief technical officer at Tether and <a href=\"https:\/\/cryptoslate.com\/companies\/bitfinex\">Bitfinex<\/a>, responded to Whale Alert's tweet, owning up to the mistake. Ardoino said that there had been an issue with the &#8220;token decimals,&#8221; as the company was trying to move 50 million from Bitcoin's Omni blockchain to Tron.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\">@Tether_to<\/a><a href=\"https:\/\/t.co\/reEW51qCqi\">https:\/\/t.co\/reEW51qCqi<\/a><a href=\"https:\/\/t.co\/zo5i3ayTuQ\">https:\/\/t.co\/zo5i3ayTuQ<\/a> <a href=\"https:\/\/t.co\/h1Y9Mnr4Oq\">https:\/\/t.co\/h1Y9Mnr4Oq<\/a><\/p>\n<p>&mdash; Paolo Ardoino (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1150164876138037249?ref_src=twsrc%5Etfw\">July 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/people\/justin-sun\/\">Justin Sun<\/a>, the founder and CEO of Tron, confirmed that 50 million USDT was eventually transferred from Omni to Tron, providing the list of all token transfers to Tron.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">50 million <a href=\"https:\/\/twitter.com\/hashtag\/USDT?src=hash&ref_src=twsrc%5Etfw\">#USDT<\/a> transfer from Omni to <a href=\"https:\/\/twitter.com\/hashtag\/TRON?src=hash&ref_src=twsrc%5Etfw\">#TRON<\/a>. Please check the total issuance here: <a href=\"https:\/\/t.co\/AM8cK07PAh\">https:\/\/t.co\/AM8cK07PAh<\/a><\/p>\n<p>&mdash; Justin Sun (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1150185765328052224?ref_src=twsrc%5Etfw\">July 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>The crypto community is not happy with Tether<\/h2>\n<p>After the dust from the incident had settled, a few theories about how and why did Tether make such a disastrous mistake came up. On July 14, the Tether Treasury burned 4.5 billion USDT, which could mean that Tether's original intention was to create 500 million USDT.<\/p>\n<p>While this sounds like a reasonable explanation on how the company accidentally turned 500 into 5000 million, it left the question of how was it able to create 500 million USDT in the first place. Tether hasn't been a stranger to controversy, as doubts about its ability to <a href=\"https:\/\/cryptoslate.com\/tether-and-bitfinex-confirm-usdt-is-not-fully-backed-by-fiat-only-74-of-tethers-backed-with-cash\/\">back<\/a> all of the USDT in circulation with fiat currency have been increasing in the past couple of years.<\/p>\n<p>Conspiracy theories about whether this was an intentional act to manipulate the price of Bitcoin were quickly shot down by Ardoino himself, who said that mistakes like these can actually happen. Ardoino claimed the company was dealing with different toolchains across multiple blockchains, allowing a mistake like this to slip through.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Unfortunately we have to play with different toolchains across multiple blochains and sometimes issues happen. We&#39;re working anyway to prevent this from happening in the future. <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\">@Tether_to<\/a> <a href=\"https:\/\/t.co\/QxAF0QorY5\">https:\/\/t.co\/QxAF0QorY5<\/a><\/p>\n<p>&mdash; Paolo Ardoino (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1150169171294113793?ref_src=twsrc%5Etfw\">July 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It's hard to say whether Tether's accidental $5 billion inflation had anything to do with <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a>&#8216;s sudden drop in the past couple of days, as it often <a href=\"https:\/\/cryptoslate.com\/tether-bombshell-leads-to-5-wipeout-of-bitcoin-can-the-market-recover\/\">causes<\/a> significant fluctuations in its price. USDT briefly <a href=\"http:\/\/cryptoslate.com\/coins\/tether\">lost<\/a> its dollar peg after the news about the accidental mint gained traction, but managed to recover within hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether, the issuer of the USDT accidentally issued $5 billion worth of its own stablecoin while Poloniex was conducting a USDT chain swap from Omni to Tron. The CTO of Bitfinex and Tether said there had been an issue with the &#8220;token decimals,&#8221; after which the company burned the entire 5 billion supply. Tether makes [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":109885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether accidentally issues $5bn worth of USDT, claims it was an issue with decimals<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tether-accidentally-issues-5bn-worth-of-usdt-claims-it-was-an-issue-with-decimals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether accidentally issues $5bn worth of USDT, claims it was an issue with decimals\" \/>\n<meta property=\"og:description\" content=\"Tether, the issuer of the USDT accidentally issued $5 billion worth of its own stablecoin while Poloniex was conducting a USDT chain swap from Omni to Tron. 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Tether makes [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/tether-accidentally-issues-5bn-worth-of-usdt-claims-it-was-an-issue-with-decimals\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-16T03:00:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-07T02:31:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/tether-generic-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priyeshu Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tether accidentally issues $5bn worth of USDT, claims it was an issue with decimals\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priyeshu Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/tether-accidentally-issues-5bn-worth-of-usdt-claims-it-was-an-issue-with-decimals\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/tether-accidentally-issues-5bn-worth-of-usdt-claims-it-was-an-issue-with-decimals\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#person\",\"name\":\"Priyeshu Garg\",\"url\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"caption\":\"Priyeshu Garg\"},\"jobTitle\":\"Analyst\",\"description\":\"Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. 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