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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why Was $5.5M In Tether Frozen This Year And What Does It Mean For Crypto?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
tether usdt crypto stablecoin frozen

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Tether is about as controversial as it gets when it comes to the crypto space. But the negative stigma over the last year has begun to shed.

But there are a few facts about the stablecoin that many crypto investors may not know, and should take note of.

Expanding Use Case, Surging Demand Behind Rapid USDT Supply Growth

While Bitcoin is the undisputed king of cryptocurrencies, Tether is by far the most dominant stablecoin in the space.

It now ranks only behind Bitcoin and Ethereum, overtaking Ripple’s XRP for the third spot.

Making its way into the top three was cemented by its ever-growing market cap and supply.

Related Reading | It’s Official: Tether Flippens XRP After Recent Crypto Crash

Almost as fast as the Fed has been printing new dollars, the stablecoin’s parent company has been flooding the market with new USDT.

Tether’s supply is now topping $9 million and counting. Other stablecoins are also rapidly growing in supply due to the demand.

Stablecoins initially were used primarily as a safe haven crypto asset during drawdowns to prevent capital loss. But as the market grows these coins are now used in DeFi, as a store of wealth, or to move a stable USD equivalent quickly and for a low cost.

Tether Freezes Over $46 Million In Stablecoins, Why Crypto Investors Should Care

But not all is positive in Tether’s world for those that store their funds in the stablecoin.

According to Eric Wall, CIO of Arcane Assets, there’s been $5.5 million in total USDT frozen during 2020.

Correction: Actually there's 4 of the 22 that had active USDT balances when they were frozen, not 3. This makes the total frozen $5.5m. This account here that I missed is actually the second largest USDT freeze in Tether history:https://t.co/B0mfRYA1a2

— Eric Wall | OP_😺 (@ercwl) July 9, 2020

The sum was spread across 22 separate Tether accounts on Ethereum. Four accounts held the majority of the USDT frozen.

In a detailed Twitter thread, Wall explains how he used Etherscan to explore Ethereum’s blockchain and find the frozen USDT.

USDT exists on the Ethereum blockchain, along with Omni-layer Bitcoin, Tron, and more.

Tether apparently holds the power to freeze the asset on many of these protocols.

Related Reading | How Tether On Ethereum Is Rapidly Becoming The Cryptocurrency Of Choice

Wall says that most of the frozen funds were done as a precaution, were potentially associated with a Ponzi scheme, or to protect users from errors.

In total over the years over $46 million in USDT frozen by Tether.

Bitcoin was the first-ever cryptocurrency and is both a beauty and a beast. It empowers users to be your own bank, but with that power comes great responsibility.

No one can stop transactions, which is both a pro and a con. Imposing governments can’t do anything to interfere, but it also means sending your funds to the wrong address will leave you out of luck.

With Tether, you potentially get the benefit of being able to freeze transactions and get your funds back, but in the wrong hands or for the wrong reasons, funds could get frozen, and then what?

The goal of crypto was to give control back to individuals. Tether, although it may be growing in use case, remains a unique risk for crypto investors parking their capital in the stablecoin.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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