Tether, one of the first platforms to use the blockchain to allow currency to be used as digital tokens, reported a $30 million hack on Twitter Monday night.
— Tether (@Tether_to) November 21, 2017
According to the announcement, the equivalent of $30,950,010 USD in the Tether digital token was syphoned from the Tether treasury wallet on Sunday.
The over $30 million was directed to a single unauthorized bitcoin address, which has since been blacklisted to prevent movement of the stolen digital tokens. The full announcement can be found here.
The below chart depicts the bitcoin price, which today pushed to a record high of nearly $8,300, drop almost $400 in immediate response to the news.
This story is developing and will continue to be updated by Fintech Unltd.
Cadence is a fintech reporter and writer at Fintech Unltd, where she covers the changing landscape of financial technologies. Previously, Cadence interned at Psychology Today, Business Insider and the Wisconsin State Journal. Cadence is interested in how science and technology intersect with power and culture and is curious about the world we are creating for tomorrow, consciously or not. She graduated from the University of Wisconsin–Madison in 2017 with degrees in Journalism and Chinese. Send tips and story ideas to Cadence at [email protected] You can also follow her on Twitter @cadencebambenek.