Tether Not Backed 1:1 By USD | Singapore Exchange Makes $3.9 Million Mistake

published on Mar 15, 2019 by BTC Sessions Favorite
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Tether is no longer officially backed 1-to-1 for US dollars. Tether/Bitfinex have updated the terms of service to reflect that USDT is now backed by their “reserves” which may at times include assets such as outstanding loans.

Singapore crypto exchange Quoine made a costly mistake – a glitch in the software allowed someone to exchange around $14,000 of Ether for $3.9 MILLION of Bitcoin. After a trial, the court is forcing the exchange to pony up the BTC.

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