Tether Claims $30 Million in US Dollar Token Stolen

Tether, the firm behind a dollar-pegged cryptocurrency broadly employed by from the marketplace’s exchange commerce, is promising its systems are hacked and that $30 million worth of its tokens are stolen.

In an article about the project’s site (which at press time is inaccessible), Tether blamed a “malicious activity by an outside attacker” to the theft of $30,950,010 USDT. Initially started as Realcoin and afterward rebranded, Tether intends to function as a proxy to the US dollar which may be transmitted between trades.

But, Tether said it would move quickly to guarantee that these exchanges don’t trade or otherwise introduce the stolen capital back in the cryptocurrency market.

Tether Claims $30 Million in US Dollar Token Stolen

The company wrote:

“$30,950,010 USDT was removed from the Tether Treasury wallet on Nov. 19, 2017 and sent to an unauthorized bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem.”

The business stated that it had been releasing a new version of its Omni Core applications (that Tether runs at the top of) in an effort to effectively lock up the components it alleges were stolen. Observers have online seen the movement earlier in the afternoon, stoking speculation concerning the character of the suspend.

“The tether.to back-end wallet support was temporarily suspended. A comprehensive investigation on the reason for the attack has been undertaken to prevent similar activities in the long run,” Tether wrote.

The statement comes following a period of developing debate — and controversy — about Tether.

Under scrutiny has become the uncertain relationship between Tether and the distressed British Virgin Islands-based bitcoin market Bitfinex — and longstanding allegations the exchange was utilizing the asset to participate in fraud and market manipulation.

Therefore, the current hack asserts are most likely to additional induce the controversy.

 

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