What will Tether do to deal with the theft of $30 million

$30,950,010 USDT were stolen from the Tether’s Treasury wallet on November 19, 2017 and they were sent to an unauthorized bitcoin address. Since tether is the  issuer of the USDT asset, the company will not redeem any  stolen tether. The attacker is said to hold the tokens in this listed wallet: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r.

The company has warned USDT users from receiving tethers from the said wallet because they will not be recognised and cannot be redeemed by USD or by Tether.

The following steps have been taken to address this matter:

  1. The tether.to back-end wallet service is temporarily suspended.
  2. The company is providing  new layers of Omni Core to the community. (Omni Core is the software used by Tether integrators to support Omni Layer transactions.) The layers aim at preventing movement of the stolen coins from the attacker’s address.  The company is strongly urging all Tether integrators to install the new software immediately in order to prevent the stolen coins from entering the ecosystem. Consequently, ANY and ALL EXCHANGES, WALLETS, should install this software to prevent loss:

    https://github.com/tetherto/omnicore/releases/tag/0.2.99.s

    This software will lead to consensus change to currently running Omni Core clients, implying that there is an effective hard fork to the Omni Layer. Integrators running this hard fork will not accept  token sent from the attacker’s address  thus ensuring that the coins  cannot move  from the attacker’s address.

  3. Tether is working with the Omni Foundation to establish how Tether can reclaim the stranded tokens and rectify the hard fork created by the above software.
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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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