Bitcoin Price Loses $500 after Tether Hack, Recovers Above $8200 — Newsflash

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

More than $400 was wiped from the value of the cryptocurrency which dropped five per cent over night after Tether, an exchange where cryptocurrencies are pegged to traditional currencies, said it had discovered the security flaw and theft. 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. It also said that issuances of USDT haven't been affected by the attack, maintaining that the Tether reserve still fully backs all USDT. Unlike other digital currencies that fluctuate wildly against dollar, Tether is created to protect investors from that volatility while still enabling them to benefit from the Blockchain-based assets.

More than $30 million worth of USDT was stolen Monday from Tether, a provider of dollar-backed digital tokens, and less than 24 hours later, the event is still shrouded in mystery.

Tether described the incident as a "malicious action by an external attacker".

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Tether says it will not redeem any of the stolen tokens and that it is in the process of attempting to recover the tokens to prevent them from entering the broader ecosystem. The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r. "A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future", Tether wrote. A new build of Omni Core software will be provided to users in a bid to freeze the USDT in the above-referenced address. As mentioned above, the company has also rolled out an update to Omni Core, its software for partners.

Coindesk also reported that Tether had links to Bitfinex - a Hong Kong-based exchange that reported a hack previous year blamed for about $65m of losses - although the report added that the "nature of the connection" was unclear.

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