Tether 'Temporarily Hard Forks' To Lock Up $30m Stolen Funds

Tether 'Temporarily Hard Forks' To Lock Up $30m Stolen Funds

Tether 'Temporarily Hard Forks' To Lock Up $30m Stolen Funds

With a market capitalization of about $675 million, tether is the world's 20th most-valuable virtual currency, according to data from Coinmarketcap.com.

Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve.

Bitcoin prices recovered to reach a record high on Tuesday as investors in the space shrugged off news that another cryptocurrency was hacked. The bitcoins were maliciously transferred from Tether to the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r by the hacker.

Originally launched as Realcoin and later rebranded, Tether is connected to USA currency, serving as a proxy for exchanges, including Bitfinex, Poloniex and other markets, without fiat trading.

It said in a statement that a "malicious" attacker removed tokens from the Tether Treasury wallet on November 19th and sent them to an unauthorised bitcoin address. We strongly urge all Tether integrators to install this software immediately to prevent the coins from entering the ecosystem.

Suspect arrested in fatal shooting of rookie Pennsylvania police officer
Twenty-nine-year old Rahmael Sal Holt was arraigned Tuesday morning on charges including murder of a law enforcement officer. Officers from different towns are pitching in on the manhunt so the town's police department can grieve Shaw's death.

Tether said it has taken steps to suspend the Tether.to backend wallet service temporarily while it performs an investigation of the attack to ensure it does not happen again.

This process involves the release of a new version of Tether's Omni Core software, which every client must upgrade to to prevent spending of the stolen funds.

In an interesting twist, according to a user who posted these findings, the culprit implicated in both the Tether hack and Bitstamp incident of 2015 appears to be the owner of another wallet that was used to steal 8500 BTC from Huobi in 2015, although this detail remains unsubstantiated.

We will provide further updates as they come available, and we appreciate the community's patience, understanding, and support while we work to rectify the situation in the best possible manner to everyone's benefit. This update is meant to prevent the stolen coins from being a part of the system again by locking them into the hacker's wallet. Coindesk reports that the relationship between Tether and the British Virgin Islands-based bitcoin exchange Bitfinex is under scrutiny for "long-standing allegations the exchange has been using the asset to engage in fraud and market manipulation".

News that the cryptocurrency Tether lost $31,000,000 to hackers sent cryptocurrencies into a tailspin early Tuesday morning.

Related news