Tether, the startup company that allows users to trade and use digital tokens backed by fiat currencies like the dollar, euro, and yen, says that close to $31 million was stolen from its coffers after a malicious attack. In a post on its website, Tether says $30,950,000 USDT was taken from its treasury wallet on November 19th and sent to a unauthorized digital wallet. USDT is a cryptocurrency token pegged to the US dollar, which is fully backed by assets in the company’s reserve account.
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. Bitcoin’s price dropped sharply as a result in morning trade, but clawed back some gains to $8,190, according to Bloomberg.
So tether got hacked for $30m pic.twitter.com/v97i9zF5sV
— Wong Joon Ian (@joonian) November 21, 2017
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. “Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss,” the company wrote. “A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future.”