Bot broken? 'Tether prints 3.1 billion USDT' confuses crypto community

0
The cryptocurrency community, and with it probably a lot of trading bots, has been taken by surprise on Monday with reports that Tether printed 3.1 billion (!) USDT, which would raise the circulating supply from just over $2 billion to more than $5 billion. The confusion seems to be caused by a series of tweets by what looks like a broken bot, the FOMO Bot. 
Bot broken? 'Tether prints 3.1 billion USDT' confuses crypto community
@BotFomo is a Twitter account that automatically sends out a tweet as soon as new USDT is printed. This morning, a series of tweets confused the crypto community. At first, 20 tweets were sent out stating - each time - that over 19 million USDT was issued. 54 tweets saying that 49,947,523 USDT were printed followed. When the FOMO Bot stopped tweeting, the total USDT 'issued' was close to $3.1 billion.



At first the crypto community was shocked by the amount of Tether that was issued. 
Several large Tether issuances 6 days after the Bitcoin rally (which sent USDT to a premium vs USD on all exchanges)
Waiting for the media to spin this into Tether being the cause of the rally ...

Then it became more clear the bot was having some major issues.
Could the broken FOMO Bot even have caused the sudden drop of 27% in Bitcoin shorts today?

Read more: Ripple Signing Production Contracts at Record Pace, XRP Liquidity Crucial to Success, Says CEO Brad Garlinghouse



Bears in panic?
There was no significant move in BTC, so it can't be liquidation.
He must be following the Fomobot

So far it seems no new USDT has been issued, However, according to Twitter account @eurtprinter there was a transaction of 20 million USDT going back into the Tether reserve.



Author Image

About Chaudhry
i am working as internet marketing /crypto trading and online business since 2007. always happy with my business.thanks Allah