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

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

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

Bitcoin price took its steepest dive in over a week after Tether claimed the loss of $31 million in USDT, a widely-used cryptocurrency token pegged to the U.S. dollar.

On November 21, 2017, an announcement was released by the Tether team declaring that an unknown hacker managed to usurp $30,950,010 worth of Tether tokens (USDT).

"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 published on its site. "Tether integrators must take immediate action ... to prevent further ecosystem disruption". If you receive any USDT tokens from the above address, or from any downstream address that receives these tokens, do not accept them, as they have been flagged and will not be redeemable by Tether for Dollars.

"We appreciate the community's patience, understanding, and support while we work to rectify the situation", it added. As mentioned above, the company has also rolled out an update to Omni Core, its software for partners. "Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss", the company wrote. Again, any tokens from the attacker's address will not be redeemed. After the protocol upgrades to the Omni Layer are in place, Tether will reclaim the stolen tokens and return them to treasury.

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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.

SpeedflyChris updated his post to link both Tether and Bitstamp hacks with the stolen 12000BTC from Huobi in late 2015.

ETHNews will continue to provide details about Tether's missing funds as they become available.

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