Stablecoin issuer Tether has helped users recover $87 million in USDT sent to wrong address

time:01-23 00:00 source:Internet

Since its launch in 2014, stablecoin issuer Tether has helped users recover $87 million in USDT sent to the wrong address. Tether reportedly has a recovery mechanism that allows it to list addresses on the Ethereum and Tron blockchains Blacklist, freeze funds in these addresses, and issue new USDT tokens to affected users. As part of the recovery process, Tether had to blacklist the address in order to recover the coins. This revokes all USDT held by that address and reissues an equal amount of USDT to the escrow address for processing and returning the funds to their rightful address owners. To be on the safe side, Tether needs to confirm ownership and other information before it can begin recovery. Tether's recovery process is not a free service. According to its website, stablecoin issuers charge $1,000 or up to 10% of the recovered amount. It also means it has collected up to $8.7 million in fees.

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