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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Replying to @paoloardoino @Tether_to
Is this recovery feature also available on
@Liquid_BTC?@richardbensberg@Excellion1 reply 0 retweets 0 likes -
Replying to @gr0kch8n @paoloardoino and
I don’t think it’s a feature, but more like a proof of burn to the issuer. Anyone issuing their asset on Liquid can determine their own policies.
1 reply 0 retweets 3 likes -
Replying to @Excellion @paoloardoino and
Gr0kchain 🇿🇦 🤘 South Africa Retweeted Richard Bensberg
Yeah, similar to the rules for the ERC20 version. Cannot do a chargeback, but can burn and remint. Is the same true for the tether version on Liquid.
@richardbensberg seemed to suggest this was not the casehttps://twitter.com/richardbensberg/status/1303313192551100416 …Gr0kchain 🇿🇦 🤘 South Africa added,
Richard Bensberg @richardbensbergReplying to @gr0kch8n @bitfinexA company can't burn coins (read: a list of digital signatures) which they do not have custody of. They can always refuse to honor a redemption on *any* coins so you will never have true censorship resistance, but with CT the fungibility is such that this is largely impractical.1 reply 0 retweets 0 likes -
Replying to @gr0kch8n @Excellion and
TL;DR; Considering that tether is a product of
@bitfinex, has their implementation on@Liquid_BTC been written to burn and optionally remint tokens when needing to confiscate, chargeback, reverse or censor any transactions using it? Is the source for this freely available?2 replies 0 retweets 0 likes -
Replying to @gr0kch8n @paoloardoino and
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.1 reply 0 retweets 1 like -
Replying to @Excellion @gr0kch8n and
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.
2 replies 0 retweets 5 likes -
Replying to @paoloardoino @Excellion and
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
1 reply 0 retweets 0 likes
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.
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