04 Dec 2019 Simon Briggs
19 Million USDC Tokens Minted And Transferred To An Unknown Wallet
Crypto tracking service WhaleAlert shocked the crypto sector by announcing $19 million worth of USDC tokens have been transferred to an unknown at the time of writing wallet. A smaller transaction preceded the transfer on November 21st - $10 million USDC were allocated to the same wallet address. It is still unclear if Coinbase is relocating funds to a cold wallet, or it is a hacker attack.
USDC is aiming to be an alternative to the controversial Tether (USDT) stablecoin, as well as TrueUSD (TUSD) as a way to tokenize the U.S. Dollar. And while such large transactions are a common thing in the stablecoin sector, the two large transactions are a new situation for USDC.
Since Circle and Coinbase formed CENTRE Consortium, alongside other crypto-related companies, the USDC ERC-20 token is also used for a reward. Coinbase stated that every user that wants to keep his USDC tokens would receive a 1,25% annual percentage yield (APY).
Coinbase and Circle announced the launch of the consortium on October 23rd, 2018. Since then, trading volumes have spiked, reaching highs of little over $510 million. Over the last week, the token traded in the $200 million - $300 million regions, despite the entire sector suffering from lowered asset prices and weak trading volumes.Cryptocurrency exchange Coinbase Circle stable coin Coinbase Pro Stablecoin Stablecoins USDC