Did you know Tether can freeze your wallet address?
Over 7.9M USDT has been frozen by Bitfinex as requested by law enforcement.
"Turns out 39 addresses have been banned from using USDT on Ethereum as of now."
- Philippe Castonguay
Philippe Castonguay created a dashboard where you can monitor USDT bans in real-time.
Out of the 39 wallets that have been banned, 24 are from this year alone. The first Tether wallet ban started back in 2017 but signs show it is happening more frequently.
If your wallet is banned, you are unable to send or receive USDT and will receive an error Failed with error 'address frozen'.
Interestingly, a few of the addresses have no funds yet were banned anyway.
Bitfinex is currently involved in two lawsuits for losing over $800M in customer funds. They also are involved in a class-action lawsuit for market manipulation.
The US government has been paying close attention to stable coins and are increasing their efforts.
Why you should vote me as witness
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youch, i did not know that
As far as I know this is the case for many pegged currencies - especially ones run by companies in the US. I know the Paxos pegged tokens can freeze accounts and I wouldn't be surprised if it were the same for USDC and others. They just build the level of control they want into the smart contract (which is often required to get various regulatory approvals in the US).
It is a good reminder that just because something runs on a decentralized blockchain doesn't mean someone doesn't have control over it. If you're concerned about that sort of thing, then DAI is probably your best bet for a dollar pegged crypto, but it has its own set of risks.
Another reason against using this scam coin.
I wish HBD was stable enough to replace it.
Why not make HBD stable?
https://peakd.com/cdp/@edicted/dynamic-duo-revisiting-bank-account-apr-cdp-loans
If HBD is frozen, then this is the death of Hive
It actually has been holding up fairly well of late. Been between .95 and 1.00 for a while now.
Not sure that qualifies it as stable and it could go nuts in the next bull run. At least it moved off the .50 level.
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I was reading your comment about HBD, and it's something that's been going around in my head, it's supposed to be a stablecoin in which we can protect ourselves from the fluctuation of hive, right? Good theme for post @themarkymark
There isn't enough of them.
How do we create 7b of them?
This makes me feel both uncomfortable and safe...actually I don't know how I feel about it, I've never held tether for more than a few minutes.
That craziness!
Wow, I had no idea that usdt was that much of a controlled currency. I have a couple of friends who keep big amounts in USDT to prevent themselves from volatility.
I will be sure to make them aware about these risks.
So much for the safe money idea.
Governments of the world are only going to increase their efforts, especially as they roll out their own digital currencies.
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Whoah! This info is really a life saver to me because I deal a lot in USDT. I'll need to reconsider my steps
It's important to keep in mind the $800 Million in missing customer funds. It's not something governments can ignore; and Tether is already under scrutiny.
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Of course, I'll keep that in mind. Thanks for sharing
@drutter, this is related to something we were discussing.
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The community coin HBD may looks appealing after looking on this post. Hope it can help more people in the future
Not your keys, not your coins.
You mean the same as steem and hive?
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Maybe Steem, not Hive.
The US government has been paying close attention to stable coins and are increasing their efforts.
Now this is the funniest thing i have heard all day !
An interesting and good topic for discussion, hopefully HBD will be stable enough to withstand
So... what's the point in using it again? I assume USDC has a similar "feature"
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귓구멍 막혔냐~! 이런 디질랜드야~!
the idea is to push your tokens into it when you think your portfolio is going to crash then buy again lower. But it's not without its risks, but honestly, 39 wallets are really low compared all the wallets on USDT.