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Today's Cryptocurrency Gaffe: Hacker Makes Off With $30 Million in Tether

24 November 2017, 01:27 | Gina Pena

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

Another Crypto Heist Keep Your Bitcoin Safe

Bitcoin fell the most in a week after the company behind cryptocurrency tether reported a $31 million theft. Originally launched as Realcoin and later rebranded, Tether aims to serve as a proxy for the USA dollar that can be sent between exchanges including Bitfinex, Poloniex and other markets.

While many cryptocoins seek to transcend conventional currency, the cryptocurrency Tether claims to back each of its issued tokens with an equal amount of redeemable cash held in a private reserve.

This is supposed to protect investors from the volatility that can affect Bitcoin, Ethereum, Ripple and Litecoin, while allowing them to take advantage of a Blockchain-based asset suitable for fund transfers.

Tether added that the stolen tokens won't be redeemed but will be flagged to prevent the hacker from exchanging them through its service.

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The funds were taken this past Sunday on November 19th, according to the company.

"A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future", the company said in a statement.

Tether says it's providing new builds of its software Omni Core to the community and says the updates should prevent any movement of the stolen coins. Again, any tokens from the attacker's address will not be redeemed. However, it now requires other users to install an update. Tether said that the software will issue a change to the consensus protocols that Omni Core clients now utilize; indicating that the fix "is effectively a temporary hard fork".

There are also theories that suggest this was an inside job. Both the companies are reported to share a common ownership as well sparking rumors that the latest hack and the previous Bitfinex hack of $72 million past year are both inside jobs.

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