Use #DeFi projects at your own risk but if you do, at least make sure to user @Tether_to $USDt.
1M $USDt recovered and returned to the legitimate owner(s).
https://etherscan.io/tx/0x0b44bf8681cbfb337f1c0f5bdb2b662a070e29eb204ec848a575c8dc3549413e …https://twitter.com/paoloardoino/status/1303239384037289986 …
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No, they cannot burn tokens they don’t have. The user in the above case effectively burnt it themselves and Tether got the proof from them and reissued.
@paoloardoino correct me if I am wrong.
On Liquid we can't do such operations. The only solution would be requiring, for each transfer, an additional signature provided by a Tether watchtower. Such system would allow Tether to "freeze" funds. But burns of tokens on specific addresses are not possible.
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Thanks for the response. Seems to be the same thing really, this allows being compliant when either users or law enforcement requests seizure or chargebacks or reversals by you simply having the option to mint for recovering funds you refuse to co-sign on
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We don't have it implemented yet on Liquid btw. But keep in mind that Tether is a centralized stablecoin, hence it has to comply with regulations and law enforcement requests.
End of conversation
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If a user does make some mistake and screws up a transfer, could they provide the blinding key, and Tether would help them recover (or accept it was burned) and re-issue?
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Yes. That would be the smart option
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