Tether disables new signups due to building a new platform

Tether is building a new platform and will be phasing out and discontinuing the current wallet services, all old addresses and disabling new signups on the platform
21 December 2017   2003

We have reported that on November 19 over $30M were stolen from Tether. Tether team has stated that they have been very cautious about providing updates prematurely regarding the November security breach, but finally the improvement time has come. In the light of past events Tether has decided to build a new platform.

Tether is not the only service which stopped users registration, the new users of Bitfinex exchange now need the “invitation code” to register, which is nearly impossible to receive. Bittrex decided not to bother itself with “invitation codes” and just stopped new users' registration.

At the moment of press, these are main market parameters of Tether:

  • Average price: $1,01
  • Marketcap: $1 176 952 76
  • 24h volume: $2 952 560 000

Tether to Transfer 15M USDT to Liquid Network

It should be noted Liquid allows you to hide values ​​in the public registry using the "confidential transaction" protocol
09 January 2020   187

On January 7, Tether, the stablecoin issuer, transferred 15 million USDT from its reserves on the Ethereum blockchain to Blockstream's Liquid network, which is a federated bitcoin sidechain. The technical feasibility of such a swap was first announced in July 2019.

An important difference between Liquid and other blockchains is the support of assets that allow you to hide values ​​in the public registry using the "confidential transaction" protocol. By transferring Tether between exchange accounts through Liquid, traders will be able to avoid disclosing information about their intentions to other market participants.

Movements of tether can be tracked in general but also particularly to and from exchanges, which is valuable information. People absolutely trade based on this information. Moving from a blockchain that has transparent transactions and onto Liquid is somewhat of a no-brainer in the context of trading.

 

Grubles

Pseudonymous Blockstream community manager

 Blockstream CSO Samson Mow noted that Liquid-based Tether could be the first example of a semi-private stablecoin.

Services like Whale Alert, that track movements of assets, would not work for confidential assets in Liquid. With Confidential Transactions you can’t see the amounts being sent from one party to another. That means that USDT issued in the Liquid Network provides better privacy than USDT on other chains.

 

Samson Mow

Blockstream CSO

At the same time, the Tether emission in the Blockstream system remains public, which can help dispel skeptics' doubts.

According to Tether Technical Director Paolo Ardoino, customer interest in confidential transactions led the company to decide to transfer $ 15 million from the Ethereum network to Liquid.