Tether

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Tether, the company behind the issuance of USDT, the largest stablecoin in the crypto market, has called out the latest report of the Wall Street Journal (WSJ) on the rise of its loan portfolio. The company stated that traditional banking institutions were “not addressing the needs of their customers” while facing “significant challenges,” with the WSJ not reporting on this issue.
Tether Blasts WSJ Article, Calls It ‘Tabloid Reporting’
Tether, the stablecoin company, has called out a recent Wall Street Journal (WSJ) article as “tabloid-style reporting” directed to “tarnish” the reputation of innovative companies.
The article, which points out the rise in Tether loans in the latest financial quarter update, was heavily criticized by the company, which stated that the news outlet had ignored reporting on the problems the traditional banking industry is facing.
In a statement, Tether declared:

The banking industry is facing significant challenges and has proven incapable of keeping up with evolving global financial markets, something the Wall Street Journal has disregarded countless times.

Furthermore, Tether defended its financial position, boasting more than $3.3 billion in excess reserves, a number that would reduce its exposure to these secured loans. Tether declared it was still committed to removing the secured loans from its reserves.

Lending Impasse
In the article bashed by the company, the WSJ reported that Tether spokeswoman Alex Welch confirmed the company received loan requests from customers with whom they had “cultivated longstanding relationships,” deciding to accommodate them.
WSJ writer Jonathan Weil explained these loans represented “a potential risk to the crypto world.” However, for Tether, the moves in its lending portfolio are a logical step given the company’s financial standing.
Tether rebuffed Weil’s assertions, declaring:

Anyone with a minimum understanding of financial markets would see how a company having $3.3 billion in excess equity and on track to make a yearly profit of $4 billion is in all effects offsetting the secured loans and retaining such profits.

Tether has been expanding its focus, investing in bitcoin mining operations in Latam, like Volcano Energy in El Salvador and another undisclosed mining project in Uruguay.
Tether has also invested in the artificial intelligence (AI) semiconductor market. According to reports, the company purchased 10,000 Nvidia H100 graphics processing units (GPUs) used for AI computations for $420 million, securing a stake of 20% in Northern Data, a Bitcoin mining company.
What do you think about the increase in Tether’s loan portfolio and its criticism of WSJ’s coverage? Tell us in the comments section below.



Tether, the company behind the issuance of USDT, the largest stablecoin in the crypto market, has called out the latest report of the Wall Street Journal (WSJ) on the rise of its loan portfolio. The company stated that traditional banking institutions were &#x201C;not addressing the needs of thei...

news.bitcoin.com

Tether Calls Out WSJ ‘Tabloid Style’ Reporting, States Outlet ‘Disregarded’ Reporting Banking Industry Woes

Troves of the top stablecoin USDT are moving back onto crypto exchanges, a potentially bullish indicator, according to the crypto analytics firm Santiment.
Santiment notes 24.1% of USDT’s total supply now sits on exchanges, the highest level since March.

The analytics firm also notes that Bitcoin (BTC) and Ethereum’s (ETH) supply on exchanges has resumed going down, indicating traders are comfortable in HODLing the top two crypto assets.
Santiment calls those two trends “a golden combination” which the firm says indicates “more future buy interest.”
Source: Santiment/X
Additionally, the analytics firm says Bitcoin has been witnessing its highest level of unique address activity since April, with an average of 1.1 million BTC addresses sending and receiving the asset per day. 
However, Santiment says that traders are seeing the recent Bitcoin rally as an opportunity to unload their BTC holdings at a small profit.
Source: Santiment/X
Santiment is also keeping a close watch on the issue that defunct crypto exchange FTX may start selling its massive crypto holdings. According to the analytics firm, dormant Ethereum and Binance Coin (BNB) suddenly moved this week just amid news about FTX’s possible liquidation.
“The average age in which Ethereum and Binance Coin tokens have been sitting in wallets both became much younger after massive stagnation. Do you believe both coincide with the FTX liquidations and sell-offs that began this week?” 
Source: Santiment/X
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The post Tether (USDT) Movement Signals ‘Future Buy Interest’ As Bitcoin and Ethereum Supply on Exchanges Dips: Santiment appeared first on The Daily Hodl.


Troves of the top stablecoin USDT are moving back onto crypto exchanges, a potentially bullish indicator, according to the crypto analytics firm Santiment. Santiment notes 24.1% of USDT&#8217;s total supply now sits on exchanges, the highest level since March. The analytics firm also notes that B...

dailyhodl.com

Tether (USDT) Movement Signals ‘Future Buy Interest’ As Bitcoin and Ethereum Supply on Exchanges Dips: Santiment


Tether has frozen the wallet address of the hackers after they drained around $2.7 million from the Remitano crypto exchange.



This month, there have been multiple instances of hacks on centralized exchanges. The Remitano exchange becomes the latest target of hackers.



Hackers Transferred Funds to HitBTC Exchange



The blockchain security platform Cyvers Alerts first informed the users about suspicious withdrawal transactions from the Remitano exchange. Further, blockchain analytic firm PeckShield mentioned that Tether has frozen two addresses on Ethereum (ETH) and TRON blockchain.



Out of the total stolen funds, around $1.4 million consisted of USDT. Hence, Tether’s action must have potentially saved the amount of money from further being transferred. However, the hackers have already swapped USDC and Ankr for ETH and transferred it to the HitBTC exchange.



Click here to learn about the 13 best no-KYC crypto exchanges for 2023.



The flow of funds stolen from the Remitano exchange. Source: X (Twitter)



The community appreciated the prompt action from Tether. Also, on Aug. 1, the USDT issuer blocked scammers’ addresses after they stole $20 million through a zero-transfer attack.



Remitano Exchange Assures Users Post Hack



Remitano updated users about the incidents and took responsibility for the safety of users’ funds. The team wrote on X (Twitter):




“By far, we guarantee that your assets are still fully protected and will not be subjected to any unexpected losses by this incident.”




However, a community member has raised concerns, highlighting the amount. They replied to Remitano:




“You guys have been hacked for $2.7M and you are claiming that all the assets are safe?”




In its forum, Remitano cited that the hack was due to a compromise of sensitive information. However, it has not elaborated more on the specifics of “sensitive information.” 



The exchange is further investigating the matter. Meanwhile, it has transferred users’ funds to cold wallets to enhance security.



BeInCrypto has reached out to Remitano Exchange but has yet to hear back.



Since early September, there have been multiple incidents of hacks on centralized platforms. On Sept. 4, BeInCrypto reported that hackers stole around $41 million from crypto betting platform Stake.



Then, on Sept.12, crypto exchange CoinEx became the victim of a $27 million hack. Blockchain experts believe North Korea’s Lazarus Group is responsible for this incident.



Do you have anything to say about the Remitano hack or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).



For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
The post Tether Comes to Rescue as Remitano Exchange Suffers a $2.7 Million Hack appeared first on BeInCrypto.


Tether froze the wallet address of hackers who stole around $2.7 million from the Remitano crypto exchange, potentially saving $1.4 million in USDT from being transferred further.
The post Tether Comes to Rescue as Remitano Exchange Suffers a $2.7 Million Hack appeared first on BeInCrypto.


Tether price	$1.00
Low - High 24H	$0.999433 - $1.00
Market cap	$83.20B
Volume 24H	$8.16B
All time high	$1.32 -24.42% July 24th 2018
All time low	$0.572521 74.67% March 2nd 2015
Genesis date	N/A

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