| Mr. Crowd News |  Market
Tether Claims US$30 Million Worth of Token Stolen
By Mr. Crowd 21 Nov 201714:49
Tether, a cryptocurrency being used as a proxy for the US dollar that can be sent between currency exchanges, announced that $30 million worth of its tokens have been stolen due to “malicious action by an external attacker”.
In response, Tether is trying their best to ensure the stolen tokens can not be traded on exchanges, in other words, preventing the introduction of the stolen funds back into the cryptocurrency economy.
The company wrote:
"$30,950,010 USDT was removed from the Tether Treasury wallet on Nov. 19, 2017 and sent to an unauthorized bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem."
A new version of the Omni Core software client used by Tether was released to lock up the tokens it alleges were stolen. Once nodes in the network adopt the software, the address containing the stolen funds would be blacklisted.
Following the news, other exchanges that offer order-book trading on Tether have taken steps to freeze trading, with China-based Huobi and OKCoin announcing the move shortly after the post.
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