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Tether has retrieved and repaid one-million-dollar worth of USDT to a traders’ group who mistakenly sent the funds to an erroneous DeFi address.
The group of traders, going under the name ‘Bill,’ inadvertently moved the money to a Swerve token contract and could not regain it.
In nervousness, the OTC traders posted an SOS on Twitter, and wished for the best result. The traders were in luck.
The CTO at Bitfinex and Tether, Paolo Ardoino replied and demanded that the traders open a support ticket.
Ardoino mentioned, “If it’s USDt ERC20 stuck in an address we should be able to recover it, but in order to be sure, please contact our customer support and we’ll try our best.”
A couple of days later, Ardoino tweeted:
“Use DeFi projects at your own risk but if you do, at least make sure to use tether. 1M $USDt recovered and returned to the legitimate owner(s).”
Notably, Tether was able to retrieve the mislaid funds as it is a centralized financial network. This gives the company some control over funds of the customers, which can’t be provided by a noncustodial defi platform.
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