Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

Tether's cryptocurrency, the USDT, is pegged to the US dollar.

Tether is taking its own steps in the meantime, as stated above, including flagging the stolen tokens (a way of tracking them to ensure the hackers can not spend or trade them) as well as suspending its back-end wallet service.

The company in its post said it was releasing another new version of Omni Core software client that Tether now runs on top of, as an attempt to lock up in an effective manner the tokens that it alleges had been stolen. Tether is a startup that offers dollar-backed digital tokens [USDT].

Tether has promised to react swifty to ensure that the exchanges do not trade or reintroduce the stolen funds back into the cryptocurrency market in any way.

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

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The funds were taken this past Sunday on November 19th, according to the company. 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". Again, any tokens from the attacker's address will not be redeemed.

Tether wrote that the tether.to wallet service was suspended temporarily and a complete investigation on how the attack took place has been started to prevent any similar actions from happening in the future. "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.

The incident is the latest in a long list of hacks that have dented confidence in the security of cryptocurrencies. 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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