Cryptocurrency Startup Claims Hackers Stole $31 Million in US Dollar Token (USDT)

31 million stolen from cryptocurrency start-up Tether

Tether’s USDT tokens are tied to the US dollar

The operators of the Tether network announced in a since-removed notice that $30,950,010 of the tokens were "removed from the Tether Treasury wallet" on Sunday and "sent to an unauthorized bitcoin address".

"These builds should prevent any movement of the stolen coins from the attacker's address", Tether said in its statement.

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Tether also temporarily suspended its back-end wallet service to assist in its investigation.

According to a now deleted post on its website, Tether said a "malicious action by an external attacker" resulted in the theft, CoinDesk said.

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Notably, the company said that it is releasing a new version of its Omni Core software (which Tether runs on top of) in a bid to effectively lock up the tokens it alleges were stolen, effectively performing an emergency fork in order to contain the issue. Until then, the company has requested not to receive any USDT tokens from the tainted address or from any downstream address that receives the tokens.

"We strongly urge all Tether integrators to install [the Omni Core upgrade] immediately to prevent the coins from entering the ecosystem". 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. However, it now requires other users to install an update. Tether operates USDT, a cryptocurrency asset that is pegged to the U.S. dollar. "The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday".

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We will provide further updates as they come available, and we appreciate the community's patience, understanding, and support while we work to rectify the situation in the best possible manner to everyone's benefit.

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