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Bitcoin (BTC) and Ethereum (ETH) price dives after £30m Tether hack revealed

24 November 2017, 01:32 | Jenny Fowler

Bitcoin and Ethereum Prices Take a Hit After Another Cryptocurrency Was Hacked

Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

Tether's allegations mark the latest in a long line of reported cryptocurrency hacks.

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.

Tether's cryptocurrency, the USDT, is pegged to the US dollar.

This is supposed to protect investors from the volatility that can affect Bitcoin, Ethereum, Ripple and Litecoin, while allowing them to take advantage of a Blockchain-based asset suitable for fund transfers.

More than $30 million worth of USDT was stolen Monday from Tether, a provider of dollar-backed digital tokens, and less than 24 hours later, the event is still shrouded in mystery.

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In a post on the project's website (which has since been removed), Tether blamed a "malicious action by an external attacker" for the theft of $30,950,010 USDT.

The company is now scrambling to prevent the stolen tokens from entering the wider trading economy, confirming that they will not be redeemed in its own platform. The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r.

We are providing new builds of Omni Core to the community. A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future. Tether said that the software will issue a change to the consensus protocols that Omni Core clients now utilize; indicating that the fix "is effectively a temporary hard fork". "Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss", the company wrote.

Coindesk also reported that Tether had links to Bitfinex - a Hong Kong-based exchange that reported a hack past year blamed for about $65m of losses - although the report added that the "nature of the connection" was unclear.

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