Tether CEO: Tether (USDT) is centralized, not like Bitcoin
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Answer Tether CEO: Tether (USDT) is centralized, not like Bitcoin
Paolo Arduino, chief technology officer of Bitfinex and Tether, explained on Twitter that USDT is a stable central currency.
His comments come after many crypto enthusiasts questioned the decision to freeze $33 million stolen from KuCoin and an additional $2 million hours after the first freeze, this latest freeze, in which Tether froze $1 million on the Omni network and another $1 million. On the network you can see.
Mr. Arduino defended the freezing measures by making clear that bullying has a duty to users, regulators, and legal entities, as he stated in the following tweet:
Tether is not Bitcoin, please tell the difference.
He then adds in a series of tweets explaining how intervention is necessary in cases such as a KuCoin hack or when a user sends a large amount of USDT to a non-refundable address as was the case with the $1 million sent to a smart contract in DeFi, which we previously mentioned him in the article.
Read:Crypto company “KuCoin” creates a new fund dedicated to the “Metaverse” with a value of 100 million dollars
The Arduino tweets:
1. People who complain about central stablecoins freezing stolen funds do it just because they are not part of those who lost money, as soon as this happens to them they will start whining endlessly (happened many times), it is very easy to happen to someone else.
2. Tether is not Bitcoin, please know the difference, Tether is a centralized stablecoin that acts as a better and faster transfer layer for fiat currency on the blockchain network, and being centralized it is subject to regulatory requirements.
3. Tether can also decide to freeze funds in two cases:
Law enforcement/regulator request or funds are sent to non-refundable addresses (at Tether’s discretion) This ability does not entitle crypto users to engage in stupid scams.
Tether is one of the leading stable digital currencies in the crypto market that can be bought and sold through the Arab Bitcoin Group for buying and selling cryptocurrencies through the link.
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