Breaking News: Tether Reportedly Hacked for $30 Million

Nishanth Shetty

Nishanth Shetty

November 21, 2017 1:22 pm

Breaking News: Tether Reportedly Hacked for $30 Million | Coindelite News
30869 Total Views

Bitcoin Scams

According to the Tether posted on its website, it has experienced significant hacking events. The loss was detected when the tokens were sent to an unauthorized Bitcoin address. According to the post, Tether is taking all measures to prevent further disruption.

The post stated:

“Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker. Tether integrators must take immediate action, as discussed below, to prevent further ecosystem disruption.”

The site also states that complete Tether wallet services have been suspended for this hack. Additionally, the new version of the Omni Core is being released by Tether hard fork in order to prevent the attacker from moving the funds into any other wallet. Tether encourages all users to instantly upgrade their Omni core to a new one, which is a protected version. The Tether that follows the methods of reclaiming the coins obtained by the hacker will be continued.

The firm made sure to the users that Tether insurance has not yet impacted by the hack and all the functionalities and the tokens will be backed by assets as normal.

According to the post:

“All Tether tokens remain fully backed by assets in the Tether reserve. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday. Those tokens will be returned to treasury once the Omni Layer protocol enhancements are in place.”

Other worries and concerns

These hacks had occurred as a difficult time for Tether since it has been recently under fire by some community members due to its transparency policies. Twitter has already given a series of analyses, many of which are negative.

 

No Comments
Supreme Court of India Postpones Crypto Banking Ban to September

Indian Supreme Court has decided to postpone the case on Banning the cryptocurrency firms from receiving banking services that are appealed by Reserve Bank of India’s (RBI) The local news channel Inc42 has published a report saying that decision on the ban has been postponed to September 2011. The board of judges …

Brazilian Police Caught a Gang that Used Bitcoin to Launder Millions of Dollars | Coindelite News
1
Brazilian Police Caught a Gang that Used Bitcoin to Launder Millions of Dollars

  Recently, Brazil Federal Police has arrested 12 people who are connected to a gang that used bitcoin to launder millions of dollars earned in smuggling drugs in Europe, Asia and in Africa. According to the local report, the gang was caught in an operation named “Antigoon,” in cooperation with …

UK Mosque has Raised 14,000 GBP as the Cryptocurrency Donation
1
UK Mosque has Raised 14,000 GBP as the Cryptocurrency Donation

  In May, UK’s Shacklewell Lane Mosque had announced that it would start accepting cryptocurrency as Sadaqah (donations). The Mosque has collected a huge 13,983 GBP (Great British Pounds) in cryptocurrency during Ramadan. Turkish runs the mosque in Hackney, in East London. The mosque had planned to start accepting cryptocurrency at …

Ripple wants to Beat Bitcoin in India | Coindelite News
1
Ripple Wants to Beat Bitcoin in India

  Ripple (XRP), the most bank-targetted blockchain protocol, Ripple (XRP) will be taking over fifty percent of India’s finance sector by preparing payments with low fees and capable systems. Ripple Vice President Asheesh Birla recently became a part of the Scaling and Digital Disruption in Fintech conference and said, Ripple …

An Expert Predicts, Bitcoin Would End Up in one of Three Ways | Coindelite News
1
An Expert Predicts, Bitcoin Would End Up in one of Three Ways

  Bitcoin has found its popularity on a massive level even if it is nine years old. Bitcoin has gone through so many regulations, and recently it shocked the world by reaching towards $20,000 in its price growth. But eventually, it started falling off towards $5,000. Some experts predicted Bitcoin …

Bank of Canada says, 85% of Canadians are Aware of Bitcoin

  As per the result of a newly-published survey by the Bank of Canada, the number of Canadians who own bitcoin nearly doubled over the course of a year. Named the Bitcoin Survey (BTCOS), the nation’s central bank hoped to identify “the driving reasons for ownership amid the sudden rise …