Tether: Huge Losses Counter Huge Issuance
Following several weeks of increased issuance of Tether’s token USDT, which notionally acts as a US dollar replacement, a “malicious action” has removed almost 31 million from its Treasury wallet.
“…We discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker,” an announcement read Monday after the attack became apparent November 19.
The events cap a highly volatile period in the history of USDT. A huge uptick in the number of tokens being released – 50 million in the first week of November alone – is now considered the cause of recent increases in Bitcoin (BTC) prices, which now stand at over $8000…