Thursday, 14 December, 2017

Hackers Stole $31M in Tokens from Cryptocurrency Company Tether

5 Cryptocurrency Stocks That Are Rallying Despite Hacking Headlines Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether
Laurie Berry | 21 November, 2017, 16:53

But according to Zhou Shuoji, a founding partner at FBG Capital, a Singapore-based cryptocurrency investment company, Bitcoin is robust and it recovered some of its initial losses so quickly because Tether's users are unlikely to abandon it as long as it's supported by exchanges and no other credible pegged tokens are developed.

The company has claimed that its systems were hacked and someone was able to steal $30.95 million in virtual currency.

Tether is a bridge between traditional fiat currency, like dollars or yen, and the world of cryptocurrency.

The company in its post said it was releasing another new version of Omni Core software client that Tether now runs on top of, as an attempt to lock up in an effective manner the tokens that it alleges had been stolen. The cryptocurrency's market cap is $674 million, with the value of one tether equal to one USA dollar.

In response, Tether said it would move swiftly to ensure these exchanges do not trade or otherwise introduce the stolen funds back into the cryptocurrency economy.

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

Tether said that following the attack, it has suspended the backend wallet service.

$30,950,010 was taken in total on Sunday, the USA company said.

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".

According to a now deleted post on its website, Tether said a "malicious action by an external attacker" resulted in the theft of the tokens, CoinDesk said.

The company added that it has flagged the tokens, which means it intends to track them in order to prevent the holder from exchanging them through its service. 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. Both the companies are reported to share a common ownership as well sparking rumors that the latest hack and the previous Bitfinex hack of $72 million past year are both inside jobs.

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