What you should learn from the Tether Hack!

tether markets


Tether, owner of the USDT token, announced today that its system had been hacked into. An individual would have managed to divert the equivalent of $30,950,010 to an unauthorized address.

Initially launched as’ Realcoin,’ Tether makes it easy to convert encryption currency into dollars or USDT tokens, this is done via trading platforms such as Bitfinex, Poloniex…

usdtAfter the announcement of the attack, and for security reasons Tether temporarily suspended its wallet service (Theter. to). A thorough examination of the cause of the attack is under way to prevent similar actions from being repeated in the future.

An update of the Omni Core software has been deployed to prevent stolen funds from entering the ecosystem. The latter are marked as pirated and will not be exchangeable. It is indeed a temporary hard-force, creating a divergence of consensus.

Tether and the Omni Foundation (responsible for the development of the Omni Core software) are studying ways in which Tether can retrieve the tokens in question and rectify the hard fork created by the update. Once this protocol upgrade is complete, Omni Foundation will provide updated binary files that all integrators can install. Once the update in place Tether will reclaim the stolen tokens.