Tether Just Got Hacked! Thief Runs Off With $31 Million In Crypto

Tether Just Got Hacked! Thief Runs Off With $31 Million In Crypto

Just out, The cryptocurrency, Tether has been hacked. And the hacker has run off with $31 million worth of tokens.

Currently Tether is at #20 on coinmarketcap.com totaling $634,400,000. The startup company from Santa Monica, California provides a Dollar backed cryptocurrency. Basically Tether enables traditional currency to be used like digital currency. They facilitate US dollar, Euro, and soon Yen transfers between crypto exchanges such as Bitfinex and Poloniex.

From thehackernews.com:

According to an announcement on the company’s official website posted today, the unknown hacker stole the tokens (worth $30,950,010) from the Tether Treasury wallet on November 19 and sent them to an unauthorized Bitcoin address.

The stolen tokens will not be redeemed, but the company is in the process of attempting token recovery in order to prevent them from entering the broader cryptocurrency market.

The attacker is holding stolen funds at the following bitcoin address:

16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r

 

About Tether:

 

 

Worried About Getting Hacked?

One of the main pillars of the cryptocurrency industry is real ownership. With your private keys you can prove that digital currency is yours and that you control it. With traditional central banks, they hold you money and technically own your account. They control it, not you.

This is a huge advantage and improvement of banking and money systems of the past. However, with real ownership comes real responsibility and stewardship. Do your due diligence and research on crypto projects. Many have secure and decentralized blockchains, but not all.

We suggest diversifying your crypto portfolio to hedge against the loss via hacking. And store you crypto across several wallets. We also advise people to use decentralized exchanges such as BitShares. Centralized exchanges and platform are vulnerable to hacks, truly decentralized systems are not.

bitshares accepted here

Japan Might Launch It’s Own Crypto Called J-Coin

Japan Might Launch It’s Own Crypto Called J-Coin

The 2020 Olympic Games will happen in Tokyo, Japan and the Japanese want to be ready for the influx of people that will come into the country for the event. Banks in Japan are now hoping to create a digital token and fully replace cash before the Olympic Games. The goal is to make the Japanese financial system more streamlined as cash transactions cost significantly more than digital transactions.

From CoinTelegraph:

“The J-Coin is intended to function in tandem with the Yen, rather than replacing it. The coin would be exchanged at a one-to-one ratio. The service for the coin would be offered freely but would be a means of tracking transactions that is far more complex in a cash-based society.

The coin will likely see release in the coming years, though the infrastructure of the system is not yet clear. It may be based on Blockchain technology, but the specifics are as yet unreleased. Recent reports from the Bank of Japan indicate that it does not consider Blockchain technology ‘mature’ enough to handle transactions.

The suggestion of a government cryptocurrency falls in line with the idea that governments around the world are seeking to start their own proprietary cryptocurrencies.”