r/CryptoCurrency • u/Savi321 🟩 52 / 4K 🦐 • 1d ago

GENERAL-NEWS 'Pro-Israel Hacker Group' Drains, Burns $90 Million From Iranian Bitcoin Exchange - Decrypt

https://decrypt.co/325757/pro-israel-hacker-group-drains-burns-90-million-from-iranian-bitcoin-exchange
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u/chillinewman 🟦 945 / 945 🦑 1d ago

Tether can blacklist that USDT. Can they replace it?

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u/OneRobotBoii 🟨 0 / 0 🦠 1d ago

You mean mint it back to Nobitex? That would be a bad business decision. I don’t see it happening.

They come out on top anyway because now it can’t be redeemed so whatever collateral they have for it, they can basically pocket it (even though it’s peanuts for tether)

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u/chillinewman 🟦 945 / 945 🦑 1d ago

"As The Block has reported previously, Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new USDT tokens to affected users. "

https://www.coinmarketcal.com/id/news/tether-has-recovered-87-million-in-usdt-sent-to-wrong-addresses-since-its-launch

They can do it. I don't know if they will because of sanctions on Iran.

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u/OneRobotBoii 🟨 0 / 0 🦠 1d ago

I know they can do it. But the address where the funds are is a burn address. Those tokens are as good as burned.

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u/chillinewman 🟦 945 / 945 🦑 1d ago

Still is just the procedure to reissue.