The famous cryptocurrency recently plunges due to the most recent heist that was reported by the company Tether. The famous alternative coins, Ethereum was also down due to the same debacles; investors worry about the possible safety and security that the whole cryptocurrency market can have in the foreseeable future.
This has been another major slump in the digital currency world as the possibility of another cyber-attack or hijacking tremendously hits another high and investors and coin enthusiasts worry for their own safety.
These kinds of hijacking and attacks have prompted as a grave threat for the overall cryptocurrency community and market; the recent Russian hacking and the other notable malware that have been reported lately managed to drain down most of the digital currencies’ prices.
According to most recent reports, the company responsible for the cryptocurrency pegged to the dollar, Tether, has recently suffered a major hijacking on their main wallet. Reports revealed that the company was nabbed a total of $31 million worth of digital currency.
Tether has been famous for introducing the USDT, and according to their previous blog "funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker." They also clarified that the exact amount of money that was stolen is at $30,950,010 last Sunday.
The company also noted that, "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," According to the most recent figures from CoinMarketCap, Tether is down by a whopping 0.3% after the incident.
Tether’s Immediate Response
According to the company, they will be blacklisting the address so the coins that were hacked; resulting to a lockdown and prohibiting the hackers to convert the stolen coins to the dollar; although some analysts and coin enthusiasts criticized the company for the lack of transparency in handling the incident.
BTC, ETH Down
Two of the most well-known digital currencies in the world were massively down today as the heist news continues to linger; the Bitcoin was down by an incredible 5% before easing to a total of 1%, while the Ethereum was also damaged by the news, dipping by a total of 1.5% against the dollar. On the other hand, the Bitcoin Cash was also severely affected, dropping a massive 5% over the hijacking news.
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