Tether Blacklists Scammer After $20 Million USDT Heist

A scammer managed to steal $20 million worth of Tether (USDT) on the 1st of August, using a zero transfer phishing attack. Tether immediately swung into action, blocking the scammer's address and blacklisting them, all within an hour of the attack being orchestrated.

Timeline of Tether

Tether, the company behind the USDT stablecoin, has published an attestation revealing the company's financials during Q2 2023. The document, prepared by BDO, a network of accounting and consulting services, found Tether has increased its reserves by $850 million during this period, with its overall excess reserves reaching $3.3 billion.

On August 1, a scammer successfully executed a zero transfer phishing attack, stealing $20 million worth of USDT (Tether's stablecoin) before being blacklisted by the issuer, Tether. The incident was reported by on-chain analytic firm PeckShield, shedding light on the growing concern about such scams in the crypto ecosystem.

On Monday, stablecoin issuer Tether (USDT) released its assurance opinion for Q2 of 2023, verified by BDO, an independent accounting firm. But questions remain about why the stablecoin issuer has not yet produced a full audit report.

The four executives behind the biggest stablecoin in the world are reportedly worth over $1 billion each now that the market cap of Tether (USDT) is at an all-time high. Despite a long bear market for digital assets, the British Virgin Islands-based company posted a profit of $1.

Tether Holdings Limited published its assurance opinion for Q2 of 2023, highlighting a $850 million rise in excess reserves to reach $3.3 billion. The report shows that Tether has been adding on its treasury reserved holding for USDT tokens.

Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an “operational profit” of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion “operational profit” represents a decline from the first quarter, there is a 30% increase in comparison with the Q2 of 2022.

In his recent "ask me anything" session, Changpeng "CZ" Zhao, CEO of the world's largest exchange Binance (BNB), shared his concerns about the segments of centralized and algorithmic stablecoins and indicated possible ways of mitigating these risks for his firm.

Tether issued its 2023 Second Quarter attestation report, revealing a net profit of $850M and over $1B of operational profits. Tether Excess Reserves Reach $3.3B Despite a Dip in the Quarterly Net Profit On Monday, July 31, the top stablecoin issuer Tether Holdings Limited issued its new quarterly attestation report.

Crypto News: Changpeng Zhao or ‘CZ', the chief executive officer of crypto exchange Binance, on Monday announced plans to list more stablecoins on its platform. In addition to the recent listing of new stablecoin First Digital USD (FDUSD) on July 26, 2023 on the exchange, the platform is set to add another US Dollar based

Tether Holdings Limited, the issuer of stablecoin USDT, released its consolidated reserves report for the second quarter of 2023 on Monday, showing consolidated assets of at least US$86.5 billion against total liabilities of US$83.2 billion. Tether reported an increase of approximately US$850 million in its excess reserves, totaling around US$3.3 billion as of June 30, the close of the quarter.