Monday, 11 December, 2017

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

FSMNews Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether
June Sullivan | 24 November, 2017, 01:27

The cryptocurrency disasters that we have been seeing for the past 5 months continue as another startup has claimed that hackers stole funds worth almost $31 million.

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. It also said that issuances of USDT haven't been affected by the attack, maintaining that the Tether reserve still fully backs all USDT. After this actor sent fractional amounts of BTC to other addresses in what might have been tests to ensure the hack would work, around 10:53 a.m. on November 19, 2017, a series of transactions transferred 30,950,010 USDT and 5 BTC out of Tether's treasury address.

Tether added that the stolen tokens won't be redeemed but will be flagged to prevent the hacker from exchanging them through its service.

The stolen funds have been moved it to 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r address.

We are providing new builds of Omni Core to the community. We strongly urge all Tether integrators to install this software 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. Again, any tokens from the attacker's address will not be redeemed.

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

Coindesk also reported that Tether had links to Bitfinex - a Hong Kong-based exchange that reported a hack a year ago blamed for about $65m of losses - although the report added that the "nature of the connection" was unclear.

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