The cryptoverse saw a tectonic shift after news broke about the Bitfinex- Tether [USDT] episode, with repercussions being felt a week after it first came to light. In the latest twist to the story, Justin Sun, Founder and Chief Executive Officer of the Tron Foundation, announced that the much-hyped USDT rewards program will be postponed owing to the ongoing events related to the stablecoin. Sun’s tweet read,

“I’ve decided to postpone our #USDT rewards program for future updates until there’s more clarity regarding @bitfinex and @Tether_to. Regardless, I firmly believe stablecoins will continue to play a big role in the blockchain space. $TRX #TRX #BTT $BTT”

Although the rewards program has been pushed to a later date, Justin Sun and the Tron Foundation assured users that technical support for USDT will continue, including the swaps from Omni-USDT to TRX-USDT. The official blog post from the organization further added,

“This was by no means an easy decision. My team and I have been focused for months on bringing stability and liquidity to the TRON community. We are still committed to doing what’s best for the network and will examine our options after hearing how events unfold with Bitfinex and Tether.”

The CEO, on April 29, had stated that the rewards program will be pushed to May 7, but users in the space speculate that the escalating scenario of Bitfinex and Tether made Sun postpone the program indefinitely.

The incentive program involved a $20 million budget with the alluring offer of an initial Annual Percentage Rate of 20 percent, significantly higher than Tron’s competitors. Previous reports from the company had claimed that holders of USD-TRX will be rewarded with more USDT-TRX as the campaign progresses over its 100-day course. The duration of the incentive program was supposed to be from April 30 to August 7, but the latest development puts the timeline in uncertain waters.

The Bitfinex-Tether drama began after the New York Attorney General released a statement claiming that both organizations were working in cahoots to cover up Bitfinex’s losses, amounting to almost $850 million. The exchange, as well as Tether, have both responded to the allegations, stating that the report was “written in bad faith” and was “riddled with false assertions.”

The post Tron’s [TRX] Justin Sun postpones USDT incentive program indefinitely in the wake of Bitfinex-Tether drama appeared first on AMBCrypto.

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