Tether hacked and $30 million lost

Tether  which is a USD back crypto currency where  1USD=1Tether  has been hacked. The website was allegedly hacked by an external attacker who stole funds worth of $30 million.

Communication from Tether

The attack on the company which is mostly used on crypto exchanges in lieu of USD negatively affected the price of bitcoin and saw it lose $500 on its value.However, bitcoin and ethereum have since recovered.

The company’s management has indicated that it will hard fork to minimise losses and ensure that the lost tether are not reintroduced into the system. This year, the crypto has been having challenges associated with Bitfinex exchange where it has been alleged that the company does not have an equivalent of USDs in its bank as the amount of Tethers in circulation. However, the company has opened itself for scrutiny by authorities to verify whether those allegations were true or not. The future of the crypto currency now remains unclear after the attack.

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mwangisamna
Staff Writer at Cryptobiz Global

I am a crypto enthusiast. A bitcoin trader and consultant in the frontier markets. I also Write and Rewrite. When not writing or rewriting, I read and do some gardening. Author of So You Want to Get Into Courtship?. Practical and Mystical.


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