Hackers Stole $31M in Tokens from Cryptocurrency Company Tether

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 integrators must take immediate action, as discussed below, to prevent further ecosystem disruption.

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. Until then, the company has requested not to receive any USDT tokens from the tainted address or from any downstream address that receives the tokens.

The stolen funds have been moved it to 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r address. As mentioned above, the company has also rolled out an update to Omni Core, its software for partners.

"We strongly urge all Tether integrators to install [the Omni Core upgrade] immediately to prevent the coins from entering the ecosystem". Again, any tokens from the attacker's address will not be redeemed. Tether operates USDT, a cryptocurrency asset that is pegged to the United States dollar.

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The company, which helps exchanges convert fiat currency into tokens and aims to serve as a proxy for the US dollar, said in a statement on its website that $30,950,010-worth of its cryptocurrency USDT was taken from its treasury wallet on November 19 and sent to an unauthorized bitcoin address.

The announcement comes amid a period of growing discussion - and controversy - around Tether. However, if this cyber sleuth is correct, the address associated with the alleged Huobi theft is linked to the sale of small amounts of BTC on Localbitcoins, a site that helps people connect with one another to trade, buy, and sell crypto.

ETHNews will continue to provide details about Tether's missing funds as they become available.

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