Tether suffered a serious blow today, falling victim - they claim - to a hack resulting in theft of $30 million in USD Tether tokens.

The company stated,

"$30,950,010 USDT was removed from the Tether Treasury wallet on Nov. 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."

*Update: Tether has stated that the stolen tokens were not successfully moved to an exchange and will be rendered null and void. All current tether tokens are still backed by the Tether reserve.

Tether is issuing an update to, in essence, lock down the stolen funds.

This news comes on the heels of doubts regarding the associated exchange BitFinex and suspicions of fraudulent behaviour with the exchange. It is possible that there is more to this situation. Perhaps, Tether isn't really the victim here?

This will likely have a severe, but short-term negative pricing effect on the market. The next few days of FUD could be an excellent buying opportunity. My expectation is that things will likely settle by the weekend.

If you found this information helpful, donations are greatly appreciated!

BTC address: 1FadQUp6PxQcbt1sicLRDE3f7v2kQPpVBq

*This is not professional trading advice. Do not spend what you can not afford to lose!

information source:

https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attacker/

image source:

www.creativaimages.com/wp-content/uploads/2017/03/burglar-with-bank-vault-and-stethoscope.jpg