Bitcoin rebounds to all-time high, shrugs off cryptocurrency hack

Bitcoin rebounds to all-time high, shrugs off cryptocurrency hack

Bitcoin rebounds to all-time high, shrugs off cryptocurrency hack

The cryptocurrency disasters that we have been seeing for the past 5 months continue as another startup has claimed that hackers stole funds worth almost $31 million.

The Reddit user explains that the transactions were perhaps structured as an additional layer of security to make sure the wallet can receive Tether's hacked tokens without any issues. USDT is a cryptocurrency token pegged to the USA dollar, which is fully backed by assets in the company's reserve account. The operators of the Tether network announced in a since-removed notice that $30,950,010 of the tokens were "removed from the Tether Treasury wallet" on Sunday and "sent to an unauthorized bitcoin address".

Tether also reportedly said in the removed post that it was attempting to recover those tokens to prevent them from entering the broader cryptocurrency market. Again, any tokens from the attacker's address will not be redeemed.

While Tether has been able to identify the address in which the hacker is holding those stolen funds, it hasn't yet understood how the attack took place. "Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss", the company wrote.

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In response, Tether said it would move swiftly to ensure these exchanges do not trade or otherwise introduce the stolen funds back into the cryptocurrency economy.

"A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future", the company said in a statement published on its site.

We will provide further updates as they come available, and we appreciate the community's patience, understanding, and support while we work to rectify the situation in the best possible manner to everyone's benefit.

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