Tether reported $ 1 million back to the user who sent …

Tether reported $ 1 million back to user who sent assets to the wrong address

Tether CTO Paolo Ardoino reported, what him company successfully recovered 1 million USDT, which were sent by mistake user on wrong contract address.

Information about the loss of $ 1 million appeared in stablecoin on September 8. As it turned out later, this money belonged a group of Chinese OTC traders, which instead of the address of the proper contract, the address of the Swerve token contract was specified, which was not intended for receiving such transfers.

The decentralized nature of the Swerve service prevents rollbacks transaction, which led to the loss of funds by the owners. IN then the same time, Tether is an centralized platform. Ardoino initially advised traders apply to the support service of the company, since it “must have possibility recover “lost funds. 11 September is he confirmed that the situation was successfully resolved.

“Use DeFi projects on your fear and risk, but at least make sure you are using Tether. 1 million USDT restored and returned the rightful owner “, – stated is he, adding, what assets it became possible to restore thanks to to that, what they are were transferred through blockchain Ethereum, then like in networks Tether doesn’t have such a mechanism for Liquid.

Tether reported $ 1 million back to the user who sent ...

“Thanks Paolo, Tether and their staff per help, – wrote the likely owner funds. “We are a group of Chinese OTC players who accidentally copied and pasted the Swerve contract address, but luckily got help from Tether.”.

Users in comments celebrate, that found themselves in similar situations, but due to more modest amounts of transfers did not receive support.

“Centralized finance brings results,” said the head by digital assets VanEck Gabor Gurbach.