Today's Cryptocurrency Gaffe: Hacker Makes Off With $30 Million in Tether

Bitcoin price plunge

That keeps its value predictable, but presents a problem if a token is stolen from one of the company's "treasury" wallets. 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 funds were taken this past Sunday on November 19th, according to the company.

Bitcoins
GETTYThe peer-to-peer currency quickly recovered and is trading at the time of writing at $8201.28

This is supposed to protect investors from the volatility that can affect Bitcoin, Ethereum, Ripple and Litecoin, while allowing them to take advantage of a Blockchain-based asset suitable for fund transfers.

In a post on the project's website (which has since been removed), Tether blamed a "malicious action by an external attacker" for the theft of $30,950,010 USDT. A new build of Omni Core software will be provided to users in a bid to freeze the USDT in the above-referenced address. "Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss", the company wrote. "The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday". "We appreciate the community's patience, understanding, and support while we work to rectify the situation". As mentioned above, the company has also rolled out an update to Omni Core, its software for partners.

Читайте также: Volvo to supply autonomous vehicles to Uber from 2019

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. 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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