A $31m raid on Tether Token

The price of Bitcoin hit a record high by around 6% on Tuesday after the $31 million theft of cryptocurrency, Tether token.

Tether is a digital token that is built on top of open blockchain technologies, leveraging the security and transparency that they provide. The worth of Tether Token is equal to the price of national currencies like the US dollar, the Euro, and the Yen.

 The company published a statement, "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 Hong Kong-based company said that they had taken necessary action to prevent the thieves from entering the broader ecosystem and redeem any of the stolen tokens. The firm has requested all its users to install an update.

Tether has suspended its wallet services as the investigation is still going on. It added "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 news website Coindesk has reported that after an announcement of the hack several crypto-currency exchanges had taken steps to freeze trade in Tether.