Stablecoin issuer Tether has helped users recover $87 million in USDT sent to the wrong address. Since it launched in 2014, says CTO Paolo Ardoino.
For example, earlier this week Tether gotrecover USDT raised nearly $1.5 million on behalf of its users, according to Ardoino. As is known, Tether has a recovery mechanism that can blacklist the Ethereum and Tron blockchains, suspending funds at those addresses. and issue new USDT tokens to affected users.
“Some users make the mistake of sending tokens to the DeFi project. [การเงินแบบกระจายอำนาจ] or trading platform As a result, those tokens are sent to smart contracts or addresses that do not have a function to recover funds,” Ardoino said.
“In the recovery process, Tether has to blacklist the address in order to recover the tokens. This will revoke all USDT held by that address and issue an equal amount of new USDT to the escrow address to properly process the refund. And for security purposes, Tether has to verify its ownership among other data in order to initiate the recovery process.”
Tether’s recovery process is not free. stablecoin issuers havecollect$1,000 or up to 10% of the recovered amount whichever is higher
In addition to the recovery mechanism, Tether is also blacklisting its addresses for regulatory reasons.blogThree Ethereum addresses held $160 million worth of USDT. At the time, Ardoino said, “Tether is cooperating with law enforcement requests. A temporary suspension was imposed to allow the investigation to continue.”
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