Tether Hack: Cryptocurrency Worth $31 Million Stolen

24 November, 2017, 01:28 | Author: Marjorie Miles
  • Image Alexander Kirch  Shutterstock

The amount was taken from the Tether Treasury wallet on November 19 and sent to an unauthorized bitcoin address, according to an announcement on the company's website posted on Tuesday.

While Tether has been able to identify the address in which the hacker is holding those stolen funds, it hasn't yet understood how the attack took place.

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We are working with the Omni Foundation to investigate ways that will allow Tether to reclaim stranded tokens and rectify the hard fork created by the above software. The firm plans to release an update of Omni core, its software for partners, in order to lock up the tokens it claims were taken and blacklist the stolen address. Tether operates USDT, a cryptocurrency asset that is pegged to the USA dollar.

More than $400 was wiped from the value of the cryptocurrency which dropped five per cent over night after Tether, an exchange where cryptocurrencies are pegged to traditional currencies, said it had discovered the security flaw and theft. A new build of Omni Core software will be provided to users in a bid to freeze the USDT in the above-referenced address.

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"We strongly urge all Tether integrators to install [the Omni Core upgrade] immediately to prevent the coins from entering the ecosystem".

"A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future", the company said in a statement published on its site. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday.

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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.

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