Tether Hack: $ 31 million stolen

According to the company, around USD 31 million has been stolen as part of a hacker attack on the Tether Treasury Wallet. This is one of the biggest hacker attacks in the crypto scene since the DAO hack last year.

As Tether announced in a critical announcement, a total of $ 30,950,010 was illegally removed from the Tether Treasury Wallet by a malicious attack on November 19 and sent to an unauthorized Bitcoin address. The value of the stolen tokens is (almost) exactly the same value in US dollars as the goal of the cryptocurrency is to provide an accurate representation of the current price of the US dollar.

In response to the theft of the tokens, Tether has marked the affected coins to make the circulation traceable and prevent the holders from trading or issuing the USDT. So Tether wants to work to get the tokens back. It is expressly cautioned against using the stolen tokens in any form, as they would not be accepted and no equivalent would be given to them.

Furthermore, Tether has taken several steps. For one thing, the tether backend wallet service has been suspended for the time being to conduct a thorough investigation into the incident and prevent future recurrence. On the other hand, the tether community is to be provided with an update for the Omni Core software, which is used to perform omni-layer transactions. The innovations are intended to prevent the transfer of stolen coins from the thief’s wallet. Tether urges all network participants to integrate the software as soon as possible to prevent further damage to the overall network.

The cryptocurrency tether is preferably used by crypto exchanges to facilitate the exchange with fiat currencies. According to the company, 100% of the tokens are covered by Fiat currencies. With a market capitalization of just under 675 million US dollars, Tether is currently ranked 20th of all cryptocurrencies.