Hackers Stole $31M in Tokens from Cryptocurrency Company Tether

Hackers Stole $31M in Tokens from Cryptocurrency Company Tether

Hackers Stole $31M in Tokens from Cryptocurrency Company 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.

Following several weeks of increased issuance of Tether's token USDT, which notionally acts as a United States dollar replacement, a "malicious action" has removed nearly 31 million from its Treasury wallet. All tokens issued stand firm on the back of assets in Tethers reserves.

Tether is a bridge between traditional fiat currency, like dollars or yen, and the world of cryptocurrency. Tether described the incident as a "malicious action by an external attacker".

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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.

Should nodes within the network adopt that software, it would in effect blacklist the address that was stolen, enacting a way to contain those same funds from being used or disbursed.

The funds were taken this past Sunday on November 19th, according to the company. However, it now requires other users to install an update. At present, Tether is making sure that all of its members have Omni Core in their systems. Tether has also released new versions of OmniCore, the open source software it uses to facilitate interoperability between blockchains, that it said "should prevent any movement of the stolen coins from the attacker's address".

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The company then urged its partner exchanges, or those integrated with the Tether service, to "take immediate action" in order to "prevent further ecosystem disruption". Tether has requested people who trade in bitcoins to not to purchase USDT tokens from the above address.

Tether's allegations mark the latest in a long line of reported cryptocurrency hacks. Both the companies are reported to share a common ownership as well sparking rumors that the latest hack and the previous Bitfinex hack of $72 million a year ago are both inside jobs.

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