Community Trust ScoreVerified
After working closely with Polynetwork through the strict protocols to unfreeze the funds involved in the recent hack, Tether can confirm that the funds have been released today to the legitimate owners.
Freezing funds is not a matter we take lightly – in being the first to act, Tether demonstrated its commitment to security and continued vigilance in ensuring the community always comes first.
Also, Paolo Ardoino expressed: USDC doesn’t want to be friends with Tether.
People were like, it’s OK as far as you guys are friends with USD.
Paolo was like; we’re 1 to 1 friends with USD.
Community response: Opinion: We need to delist Tether from all exchanges and use Satoshi as the trading pair unit. Tether is like a Centralized bank; they can freeze your USDT holding. Counter-opinion: Just don’t use it if you don’t like it or use DAI.
How does that even work? How can USDT being frozen? It is centralized.
And are we going to list every unrelated project out with admin keys? Or is it going to be kept in relation to a tweet that is PolyNETWORK and Tether?
Admin keys = bad. For clarity, the private key that holds control over a smart contract containing funds of users of the particular Dapp are known as admin keys. Blockchains have the beauty of decentralization and self-control of funds; however, DApps are created by smart contracts which are deployed by a developer or a team. Many DeFi protocols and products that are able to accept deposits are protected by an administration key. Most administration keys are securely secured by features like Time lock and Multisig.
This entire Polynetwork hack saga should be a great educational case study and hopefully strengthen our crypto and DeFi ecosystems in the future. Lots of lessons learned from the importance of smart contract audits to the difficulties of laundering crypto hack proceeds. You can’t use Tether in DeFi. Tether is anything but DeFi.
Tether was great and should be welcome by all crypto players, really. Well done guys, your early reaction saved many.
Just like legacy Banking, Tether USDT is CeFi, not DeFi, and this is very scary. The fact that they can monitor and freeze people’s funds at any given time is exactly one of the significant reasons why DeFi was created, to avert such a thing.
You’re clueless if you believed that! What’s next? The government can’t control the internet!
