Bitcoin Falls on $31 Million Hack of Cryptocurrency Peer Tether

Bitcoin slipped from a record after the $31 million theft of Tether cryptocurrency
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.

The amount was taken from the virtual wallet of the tether coins on Nov. 19 and sent to an unauthorized Bitcoin address, according to a statement issued by the company today. The stolen coins can not be sold and the company tries to prevent them from entering the system. Bitcoin fell 5.4%, the sharpest decline since November 13.

The incident is the latest in a series of cybercrime that has compromised the security of users of encrypted coin network security. Such events cause investors to escape the virtual currencies, but Bitcoin has risen by 700% in the past year despite such events. Tether is the world's 19th largest virtual currency with a market cap of $ 673 million, according to Coinmarketcap.com.

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