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.
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:
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.