February 22, 2018

Cryptocurrency startup Tether claims it was robbed of $31 million in tokens

24 November 2017, 01:30 | Denise Dawson

Bitcoin and Ethereum Prices Take a Hit After Another Cryptocurrency Was Hacked

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

"A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future", Tether wrote. Tether integrators must take immediate action, as discussed below, to prevent further ecosystem disruption. As such, it's temporarily suspending its backend wallet service for partners, and is updating its Omni Core software client to prevent the missing tokens from being used in any transactions. Originally launched as Realcoin and later rebranded, Tether aims to serve as a proxy for the U.S. dollar that can be sent between exchanges including Bitfinex, Poloniex and other markets.

Users are urged not to accept USDT from this address or any address downstream from it.

"We appreciate the community's patience, understanding, and support while we work to rectify the situation", it added.

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The stolen funds have been moved it to 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r address. "Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss", the company wrote. Tether said that the software will issue a change to the consensus protocols that Omni Core clients now utilize; indicating that the fix "is effectively a temporary hard fork". Again, any tokens from the attacker's address will not be redeemed. USDT is a cryptocurrency token pegged to the United States dollar, which is fully backed by assets in the company's reserve account.

SpeedflyChris updated his post to link both Tether and Bitstamp hacks with the stolen 12000BTC from Huobi in late 2015.

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. Eventually, the sum of these funds came to reside in the wallet address implicated in the company's official announcement.

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