Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve. Unlike other digital currencies that fluctuate wildly against dollar, Tether is created to protect investors from that volatility while still enabling them to benefit from the Blockchain-based assets.
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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 USA dollar. The stolen tokens will not be redeemed, and the company is trying to prevent them from entering the ecosystem, it added. The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r. A new build of Omni Core software will be provided to users in a bid to freeze the USDT in the above-referenced address.
According to a now deleted post on its website, Tether said a "malicious action by an external attacker" resulted in the theft, CoinDesk said. "The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday". Tether said that the software will issue a change to the consensus protocols that Omni Core clients now utilize; indicating that the fix "is effectively a temporary hard fork".
Under scrutiny has been the unclear relationship between Tether and the troubled British Virgin Islands-based bitcoin exchange Bitfinex - and long-standing allegations the exchange has been using the asset to engage in fraud and market manipulation.