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.
https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone

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.
https://www.ccn.com/shock-court-ruling-crypto-exchange-error-singapore

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