Tether says hacker stole $30M in US Dollar Token

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

The cryptocurrency disasters that we have been seeing for the past 5 months continue as another startup has claimed that hackers stole funds worth almost $31 million. Tethers' USDT is the cryptocurrency, which is pegged against the US dollar. Unlike other digital currencies that fluctuate wildly against dollar, Tether is created to protect investors from that volatility while still enabling them to benefit from the Blockchain-based assets. The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r.

In response Tether said it has flagged the tokens (meaning that it will track them and prevent the holder from exchanging them through its service) and that it is working to recover them. It's an extra layer of protection for transactions and the hacker can not move funds from its address to any other account which has Omni Core running on the backend.

The funds were taken this past Sunday on November 19th, according to the company. To do so, it is temporarily suspending its back-end wallet service as well as rolling out an update to its partner software, Omni Core, which will essentially lock the tokens inside the alleged hacker's wallet. "Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss", the company wrote. Tether has requested people who trade in bitcoins to not to purchase USDT tokens from the above address. The startup is thoroughly investigating the breach and is making sure that such an incident never takes place again on its platform. "We appreciate the community's patience, understanding, and support while we work to rectify the situation".

There are also theories that suggest this was an inside job.

What has come under much scrutiny is the relationship, which remains unclear, between Tether and Bitfinex the troubled bitcoin exchange based in the British Virgin Islands, and the allegations made some time ago that the exchange has used the asset to engage in market manipulation and fraud.

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