On November 20-21, 2017, Tether, the company behind USDT – a digital token backed by fiat currencies like the dollar and euro – disclosed that a hack resulted in the loss of $30.95 million worth of tokens.1 Tether posted an announcement to its website November 19 reporting that a "malicious action by an external hacker" resulted in the coins being "removed from the Tether Treasury wallet" and "sent to an unauthorized Bitcoin address."2 Tether is now working to "blacklist" or otherwise inhibit hackers from using the stolen coins.
Please reference our full client alert on reedsmith.com.
1 More than $30 million worth of cryptocurrency was just stolen by hackers, company says, Nov. 21, 2017, cnbc.com.
2 Tether, Tether Critical Announcement, Nov. 21, 2017, tether.to/tether-critical-announcement.
This article is presented for informational purposes only and is not intended to constitute legal advice.
