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TETHER TREASURY......Loss $30 Mln to Hackers

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The consequences of the high 'flight' of bitcoin price is hacking spree by anonymous internet masqueraders. 

These are smart and well trained computer and cryptographic experts.....sprawling the internet for the elusive 'internet Gold' called bitcoin.  This time, they discovered a vulnerability in Tether network they exploited to sweep away $30 mln.

Tether Network has experienced a substantial hacking event, with a loss of over $30 mln from the Tether Treasury account. According to a post on its website, the loss was discovered when the tokens were sent to an unauthorized Bitcoin address. According to the post, Tether is taking all possible action to prevent further disruption, saying:

“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 site also says that all Tether wallet services have been suspended pending a thorough investigation of the cause of the hack. Further, Tether is releasing a new version of Omni Core via hard fork in order to prevent the attacker from moving funds into any other wallet. Tether is encouraging all users to immediately upgrade their Omni Core to the new, protected version. Tether will continue pursuing ways to reclaim the coins stranded by the hack.

The company assured its users that Tether issuances have not been impacted by the hack and that all functionality and tokens are backed by assets as normal. According to the post:

“…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.”

These events come at a difficult time for Tether, as it has recently been under fire by some community members for its transparency policies.  

FIRE:  The community is facing knowledgeable individuals who operate as hackers.  If you remember that Bitcoin itself was developed by an anonymous hacker, even Ethereum.....Then you will agree that there is no alternative to strong network with layers of security to keep hackers away.

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