Tether is Always Fully Transparent
Tether has reported today that it has started resuming the limited wallet service by allowing few users to log in and withdrew funds held in their wallets. But, the company did not reveal the much more information regarding the investigation into the matter that made the suspension of the service through hacking the $30 million last month.
The important purpose of today’s announcement seems to be reassuring the investors in the technological financial soundness of Tether. The developers describe that they are in the process of creating a new platform, which would eventually replace the current wallets and addresses.
The company warned:
“Any suggestion to the contrary is uninformed and baseless.”
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There are some other aspects that the investor should look at. This system is processing backup transactions sent off after a shutdown, so deposits sent last month can be easily available in inflation for a few days. New attempts to deposit old wallets or addresses are not advised and may lose funds. Additionally, sales and purchases are not possible through Tether.to until the new platform is launched.
Tather sends holders to exchange USDT for USD or other cryptocurrencies. They invite exchanges and qualified corporate clients to connect directly to the exchange. However, the company itself “cannot create or redeem tether for any U.S.-based customers at this time.”
They try to clarify the wrong terms about the terms of the service, and the company gives the power to deny the service.
“We must take and take steps to prevent terrorists and other bad actors by smuggling in Tethers, as well as, for example, violating the applicable laws of Tether, which will continue the emancipation ban.”