Tether Hack: Cryptocurrency Worth $31 Million Stolen

Tether Hack: Cryptocurrency Worth $31 Million Stolen

Tether noted in a now-removed post on its site that almost $31 million worth of tokens were stolen from the treasury in which it stored its dollar-pegged cryptocurrency.

"Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker", the post continued. Originally launched as Realcoin and later rebranded, Tether aims to serve as a proxy for the United States dollar that can be sent between exchanges including Bitfinex, Poloniex and other markets.

Tether is down 0.3% against the dollar on the back of the news, according to CoinMarketCap.com.

Tether reportedly claimed US$30.95 million worth of its tokens had been stolen.

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In response Tether said it has flagged the tokens - meaning that it will track them and prevent the holder from exchanging them through its service - and that it is working to recover them. Should nodes in the network adopt the software, it would effectively blacklist the stolen address, enacting an emergency fork to contain the funds. As such, it's temporarily suspending its backend wallet service for partners, and is updating its Omni Core software client to prevent the missing tokens from being used in any transactions. Tether said its tokens are supported by the dollar, euro, and "soon Japanese yen".

As Coindesk reports, the incident is sure to throw up more questions about the relationship between Tether and the secretive exchange Bitfinex.

Tether's "critical announcement" of the mess offered no detail about how it was cracked, but promised a thorough investigation.

Tether's allegations mark the latest in a long line of reported cryptocurrency hacks.

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