$31 mln worth of Tether cryptocoins get stolen, developers freeze assets explained by professional Forex trading experts the “ForexSQ” FX trading team
$31 million worth of Tether coins got stolen this Monday, following a “malicious attack”, the fintech behind the alt-coins said.
The thieves sent the tokens to an unauthorized e-wallet, but the Tether developers managed to freeze the assets, by writing new code for the Omni Core software, blacklisting the address where the loot was held. Additionally, the Tether developers managed to convince the exchanges not to trade or use the “old” tokens. This means the stolen coins cannot be transferred or liquidated, i.e. cashed in.
“$30,950,010 USDT was removed from the Tether Treasury wallet on Nov. 19, 2017 and sent to an unauthorized bitcoin address”, the company said in a statement, quoted by Coindesk. “As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem.”
The Tether token claims to be pegged against the USD and each token is theoretically worth USD 1. The coin is mostly serving as a proxy for the USD and is being sent between exchanges, including Bitfinex, Poloniex and other markets without fiat trading.
As a result of the hack, the Tether e-wallet has been temporarily suspended, the tether.io site is down for whatever reason and the Bitcoin price temporarily fell below $8000. In a few hours, however, it recovered to around $8200.
$31 mln worth of Tether cryptocoins get stolen, developers freeze assets Conclusion
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