Tether Claims $30 Million in US Dollar Token Stolen By Attacker

Alyssa Bailey
November 24, 2017

Bitcoin fell on the news but soon recovered most of its lost ground.

The Reddit user explains that the transactions were perhaps structured as an additional layer of security to make sure the wallet can receive Tether's hacked tokens without any issues. It also said that issuances of USDT haven't been affected by the attack, maintaining that the Tether reserve still fully backs all USDT.

The company, which helps exchanges convert fiat currency into tokens and aims to serve as a proxy for the US dollar, said in a statement on its website that $30,950,010-worth of its cryptocurrency USDT was taken from its treasury wallet on November 19 and sent to an unauthorized bitcoin address.

The company said in a statement that someone removed funds from the core Tether Treasury wallet through "malicious action".

The stolen funds have been moved it to 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r address.

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"We appreciate the community's patience, understanding, and support while we work to rectify the situation", it added.

"We strongly urge all Tether integrators to install [the Omni Core upgrade] immediately to prevent the coins from entering the ecosystem". Once this protocol enhancement is complete, the Omni Foundation will provide updated binaries for all integrators to install. "The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday".

SpeedflyChris updated his post to link both Tether and Bitstamp hacks with the stolen 12000BTC from Huobi in late 2015.

Under scrutiny has been the unclear relationship between Tether and the troubled British Virgin Islands-based bitcoin exchange Bitfinex - and long-standing allegations the exchange has been using the asset to engage in fraud and market manipulation.

Other reports by GlobalViralNews

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