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Author Topic: [2017-11-21] $30,950,010 USDT was removed from the Tether Treasury wallet  (Read 2816 times)
vit05
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November 21, 2017, 03:54:28 AM
 #1

https://tether.to/tether-critical-announcement/

Tether Critical Announcement
  0
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.

$30,950,010 USDT was removed from the Tether Treasury wallet on November 19, 2017 and sent to an unauthorized bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem. The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r. If you receive any USDT tokens from the above address, or from any downstream address that receives these tokens, do not accept them, as they have been flagged and will not be redeemable by Tether for USD.  

The following steps have been taken to address this matter:

The tether.to back-end wallet service has been temporarily suspended. A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future.
We are providing new builds of Omni Core to the community. (Omni Core is the software used by Tether integrators to support Omni Layer transactions.) These builds should prevent any movement of the stolen coins from the attacker’s address. We strongly urge all Tether integrators to install this software immediately to prevent the coins from entering the ecosystem. Again, any tokens from the attacker’s address will not be redeemed. Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss:

https://github.com/tetherto/omnicore/releases/tag/0.2.99.s

Note that this software will cause a consensus change to currently running Omni Core clients, meaning that it is effectively a temporary hard fork to the Omni Layer. Integrators running this build will not accept any token sends from the attacker’s address, preventing the coins from moving further from the attacker’s address.
We are working with the Omni Foundation to investigate ways that will allow Tether to reclaim stranded tokens and rectify the hard fork created by the above software. Once this protocol enhancement is complete, the Omni Foundation will provide updated binaries for all integrators to install. These builds will supersede the binaries provided above by Tether.to. After the protocol upgrades to the Omni Layer are in place, Tether will reclaim the stolen tokens and return them to treasury.
Tether issuances have not been affected by this attack, and 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.

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.

 The Tether Team

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November 21, 2017, 07:05:09 AM
 #2

I wonder why they did not just immediately transferred stolen tether to any exchange and dumped under the market for BTCs? Now they just sitting on bag of tethers that won't be functional...
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November 21, 2017, 11:13:27 AM
 #3

I wonder why they did not just immediately transferred stolen tether to any exchange and dumped under the market for BTCs? Now they just sitting on bag of tethers that won't be functional...

And the strange thing is that the owner of address has finished some transactions today, see the links for details. https://blockchain.info/address/16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r
I'm still wondering whether tether is hacked or not although the company announced it.




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November 21, 2017, 02:25:16 PM
 #4

tether.to is down or is it just my ISP?

Update. OmniExplorer.info does not show 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r transactions as if this address does not exist (few hours ago it showed up all malicious transactions to this address). They have probably manually banned this wallet from showing up and this is really really bad idea. When I was checking it earlier I was sure that stolen funds are still in attacker's wallet and are not moving. Now I'm not sure if they are in circulation and if next tether I buy will be redeemable. Sweeping 30 mln $ under the rug like this isn't good. They should have marked this address as malicious and let community track stolen coins.
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November 21, 2017, 04:19:30 PM
 #5

It is a centralized service, so they should be able to block or recover those funds. I always find it strange that these hacks

always occur, when the Bitcoin price reach record high prices.  Huh However, even with the negative news, Bitcoin still reached

even higher prices today. The positive sentiment is just so much stronger than the negative news.  Grin

Always remember third party {centralised} services is NOT Bitcoin.  Wink

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January 18, 2018, 06:41:49 PM
 #6

 Wink

toady PRICE of 1 tether coin - 1.03 USD  - 2018 - 18 january.

https://www.onebitcoinbuy.com/tether-usdt-price-chart-coin-market-cryptocurrency.php

Tether is an unregulated cryptocurrency token that was issued on the Bitcoin blockchain through the Omni Layer Protocol. According to Tether Limited, each unit of Tether is backed by one United States dollar held in reserve by Tether Limited, and may be redeemed through the Tether Platform.
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January 18, 2018, 07:52:45 PM
 #7

Wink

toady PRICE of 1 tether coin - 1.03 USD  - 2018 - 18 january.

https://www.onebitcoinbuy.com/tether-usdt-price-chart-coin-market-cryptocurrency.php

Tether is an unregulated cryptocurrency token that was issued on the Bitcoin blockchain through the Omni Layer Protocol. According to Tether Limited, each unit of Tether is backed by one United States dollar held in reserve by Tether Limited, and may be redeemed through the Tether Platform.

  This is just temporary. Stable or backup coins could sometimes display the price incorrectly on sites like coinmarket. I do not like Tether and I think the big risk on Cryptomarket is that one day they will be destroyed. But showing the price a little up, or a little down is nothing.

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PAYMENTS
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