$30 million Tether Hack Attack impacts Bitcoin rally

The growing popularity of cryptocurrencies provides the perfect opportunity for scammers and hackers to take advantage of the situation. In the latest case, we witness $30 million Tether Hack Attack impacts Bitcoin rally. How will the company behind Tether coin restore the loss?

21 November, AtoZForex The organization behind a USD-pegged cryptocurrency that is broadly used in the market exchange, Tether, has published a post on its website. The company has experienced a significant hacking event. In fact, Tether reports it has lost over $30 million from the Tether Treasury account.

Tether Hack Attack Aftermath

Following on this, the company has discovered the loss when the tokens were directed to an unauthorized Bitcoin address. In its official announcement, Tether states that it is taking all the possible actions to fix and prevent further disruption:

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“Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker. Tether integrators must take immediate action, as discussed below, to prevent further ecosystem disruption.”

The website also mentioned that all Tether wallet services have been suspended. They are awaiting a thorough scrutiny due to the hacking event.

Moreover, Tether will launch a new version of Omni Core via hard fork soon. This project aims to prevent the attacker from moving funds into any other wallet. What is more, Tether authorities have urged users to immediately upgrade their Omni Core to the newer version. Additionally, Tether will continue finding ways to restore the coin loss caused by the attack.

$30 million Tether Hack Attack impacts Bitcoin rally

The company has guaranteed that Tether issuances have not been affected by the hack. Also, the complete functionality and tokens are backed by assets as normal, according to the post. Tether officials also wrote:

“…all Tether tokens remain fully backed by assets in the Tether reserve. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday. Those tokens will be returned to treasury once the Omni Layer protocol enhancements are in place.”

In fact, such development comes at difficult times for Tether. Just recently, the company has been criticized by some of the industry insiders for its transparency policies.

Following the Tether Hack Attack, Bitcoin has dropped the most in a week. It has slid as much as 5.4%, marking its biggest drop since November 13.

 $30 million Tether Hack Attack impacts Bitcoin rally

Now, Bitcoin is trading at $8156.74, according to the data from Coinmarketcap.

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