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Tether announces cease of USDT minting on Algorand and EOS

  • Tether ceases USDT minting on EOS and Algorand starting June 24, 2024.
  • Tether will redeem USDT on EOS and Algorand for the next 12 months.
  • Tether’s shift focuses on security, efficiency, and community-driven blockchain support.

Effective June 24, 2024, Tether, a leading player in the stablecoin market, will cease minting its USDT tokens on the EOS and Algorand blockchains.

This decision is part of Tether’s ongoing commitment to maintain a robust and innovative blockchain ecosystem. The transition aims to prioritize community-driven interests while ensuring the security and efficiency of its operations.

Tether’s integration in blockchains

Tether has always placed a high value on the community’s needs and interests when deciding which blockchains to support.

The evaluation process includes a thorough assessment of each network’s security architecture, usability, and sustainability.

By discontinuing support for EOS and Algorand, Tether is reallocating resources to blockchains that align more closely with their strategic goals. This decision reflects the company’s dedication to enhancing the security and efficiency of the USDT token across the crypto landscape.

The focus on community-driven support means Tether constantly reassesses its transport layers to ensure they meet the highest standards of maintainability and usage. This strategic pivot aims to strike a balance between supporting existing ecosystems and fostering innovation.

Tether’s decision to discontinue minting on EOS and Algorand is a result of this comprehensive evaluation process, ensuring resources are deployed where they can have the most significant impact.

Tether (USDT) redemption on EOS and Algorand for the next 12 months

The transition plan Tether has laid out is designed to minimize disruption to users.

While minting of USDT on EOS and Algorand has ceased, the redeemption of USDT tokens on both blockchains will continue for the next 12 months.

This extended redemption period ensures that users have ample time to adjust to the changes.

Tether has committed to executing this transition meticulously, prioritizing a seamless user experience.

According to an official announcement, further evaluations and potential announcements will be made around the end of the 12-month period, allowing Tether to adapt its strategy based on the evolving needs and interests of its community.

This approach underscores Tether’s commitment to a hassle-free transition and its focus on maintaining user trust and confidence throughout the process.

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Security breach reports send Farcana (FAR) crushing 60%

  • Farcana (FAR) token has plunged 60% due to a reported wallet hack.
  • Farcana has responded to the breach reports and urged caution, reassured users of ongoing security efforts.
  • Founded in 2022, Farcana got substantial backing from investors like Animoca Brands and Polygon Ventures.

The popular blockchain-based shooter game Farcana saw its native token, FAR, plummet by 60% following reports of a compromised wallet.

The incident has sparked concerns among investors and gamers alike, highlighting the inherent risks associated with digital assets and decentralized platforms.

The Farcana security breach

Farcana’s woes began with a now-deleted announcement revealing that one of its crypto wallets had been hacked. The disclosure, initially shared on various platforms, detailed the compromise and the immediate freezing of deposits on centralized exchanges.

This news triggered a rapid sell-off, causing FAR’s price to drop sharply to $0.0126. Although the price has slightly recovered to about $0.01556, there is no signs of a full recovery in sight.

Response and assurance from Farcana

In response to the breach, Farcana has taken to its official X account to reassure users and investors. They urged caution, advising against clicking on any links and reaffirming their commitment to resolving the issue promptly.

The team emphasized their ongoing efforts to secure user assets and pledged to provide regular updates as the situation unfolded.

This proactive communication strategy aimed to mitigate panic and maintain transparency during a critical period for the project.

What is Farcana (FAR)?

Farcana (FAR) is the native token of Farcana, a popular blockchain-based shooter game.

Founded in 2022 with substantial backing from investors like Animoca Brands and Polygon Ventures, Farcana had positioned itself as a promising player in the blockchain gaming sector.

Built on Unreal Engine 5 and featuring a competitive gaming model akin to popular titles like Overwatch, the Farcana game garnered attention for its innovative approach.

However, the security breach has cast a shadow over its credibility and raised questions about the safety measures in place.

Moving forward, the incident serves as a stark reminder of the cybersecurity challenges inherent in decentralized ecosystems.

As Farcana works diligently to restore trust and stability, the broader blockchain community will be watching closely to see how the project navigates this setback.

The outcome will likely influence investor confidence not only in Farcana but also in similar blockchain gaming initiatives seeking to merge digital assets with interactive entertainment.

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