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On September 8, the group, going under the moniker ‘Bill,’ “accidentally” transferred the money to a Swerve token contract and could not retrieve it.
In desperation, the over-the-counter traders sent out an SOS on Twitter, and hoped for the best outcome. They were in luck.
“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,” he said.
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).
Suggestions by Blockstream CSO Samson Mow to recover the funds by burning the million-dollar USDT and then re-issuing it did not fly. Paolo Ardoino explained how the funds could be retrieved properly.
“The only solution would be requiring, for each transfer, an additional signature provided by a Tether watchtower. Such [a] system would allow Tether to “freeze” funds. But burns of tokens on specific addresses are not possible,” he said.
What do you think about Tether’s intervention in recovering the lost USDT? Let us know in the comments section below.
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