Tether claims $30M was stolen in a recent hack

posted 12 months ago
Cryptocurrency firm Tether — that helps exchanges convert fiat currency to token — reported a $31 million theft of its dollar-pegged token, USDT. Tether blamed a "malicious action by an external attacker" for the theft of $30,950,010-worth of USDT on Nov. 19.

In response Tether said it has flagged the tokens, and plans to lock them — meaning that it will track them and prevent the holder from exchanging them through its service — and that it is working to recover them.

For partners, the back-end wallet service has been suspended. Tether said it will investigate the incident while it rolls out an update to Omni Core — its software for partners — that will prevent the stolen coins from recirculating into its ecosystem by essentially locking them into the alleged hacker’s wallet.

Tether was originally set up as a proxy for USD that can be sent between exchanges, including Bitfinex, Poloniex and others.
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