On Monday, the cryptocurrency firm, Tether has claimed that their system is hacked, as a result of which, they meet a loss of $30.95 million, reported the Cryptocurrency news site, Coindesk.
The start-up offer dollars in the form of digital tokens and an extensive amount of these were stolen by the hackers.
According to a post which has now been deleted from the website, Tether confessed that the token theft was a result of “malicious action by an external attacker”, as reported by CoinDesk. In the deleted post, Tether mentioned that the token was in the recovery process to prevent them from entering a broader cryptocurrency market.
The company wrote, “$30,950,010 USDT was removed from the Tether Treasury wallet on Nov. 19, 2017, and sent to an unauthorized bitcoin address. 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.”
However, the firm has specified their plans to halt its back-end wallet for a certain period and to provide updated software so that they could restrain the stolen coins from transferring from the attacker’s address.
There is a consent found among some individuals according to whom the hack may have a connection to the sudden downfall in Bitcoin on Monday evening. The asset falls roughly from $8,250 to $430 in almost an hour and a half.
But, the startup has claimed on the website that their tokens are backed by fiat money which helps to prevent the sudden downfalls usually witnessed in cryptocurrencies. They also told that the Tether tokens are already backed by the Dollar, Euro and soon the Japanese yen would join the list.
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About the Author
Zehra Ali is a Tech Reporter and Journalist. She has done her Masters in Mass Communication. Topics related to cybersecurity, IoT, AI, Big Data and other privacy matters are extensively covered by her on various platforms. You can follow her on twitter.
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