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Tether Hacked — Attacker Steals $31 Million of Digital Tokens

tether-bitcoin-tokens-hacked

Again some bad news for cryptocurrency users.

Tether, a Santa Monica-based start-up in which provides a dollar-backed cryptocurrency tokens, has claimed in which its systems have been hacked by an external attacker, who eventually stole around $31 million worth of its tokens.

using a market capitalization of $673 million, Tether will be the earth’s first blockchain-enabled platform to allow the traditional currency to be used like digital currency.

Tether serves as a proxy for the US dollar, Euro (in addition to also also soon Japanese yen) in which can be sent between exchanges including Bitfinex, Poloniex, Omni, GoCoin in addition to also also various other markets.

According to an announcement on the company’s official website posted today, the unknown hacker stole the tokens (worth $30,950,010) by the Tether Treasury wallet on November 19 in addition to also also sent them to an unauthorized Bitcoin address.

The stolen tokens will not be redeemed, however the company will be from the process of attempting token recovery in order to prevent them by entering the broader cryptocurrency market.

The attacker will be holding stolen funds at the following bitcoin address:

16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r

So, in case, you receive any USDT (in which’s what Tether calls its platform’s USD currency; 1USDT=1USD) “tokens by the above address, or by any downstream address in which receives these tokens, do not accept them, as they have been flagged in addition to also also will not be redeemable by Tether for USD,” the company warned.

Bitcoin cost dropped as much as 5.4 percent, the most since November 13.

To prevent the stolen coins by moving by the attacker’s address, the company has temporarily suspended its back-end wallet service in addition to also also also provided a completely new variation of its software.

“Accordingly, any in addition to also also all exchanges, wallets, in addition to also also various other Tether integrators should install in which software immediately in order to prevent loss: https://github.com/tetherto/omnicore/releases/tag/0.2.99.s,” the company said.

The Tether Team has also ensured in which Tether issuances have not been affected by in which attack, in addition to also also all of its tokens remain fully backed by assets from the Tether reserve.

Instead, the only tokens in which won’t be redeemed at in which moment are those stolen by Tether treasury yesterday. However, these tokens will be returned to treasury once the software enhancements are in place.

Tether will be also undertaking a thorough investigation of the incident in an attempt to prevent similar attacks from the future.

in which incident will be the latest in a long list of attacks against the cryptocurrency markets. Just last week, about $300 million worth of Ether by dozens of Ethereum wallets was permanently locked up after someone triggered a flaw in Parity multi-sig wallets.

Article Categories:
Security Hacks

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