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
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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.


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