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Security Breach led Tether to launch a New Platform

Dec 22, 2017 Posted /  2323 Views

Security Breach led Tether to launch a New Platform

Tether, a company based in Santa Monica, which gained popularity from its dollar-pegged tokens, has announced that it is planning to launch a new platform following a hack in November, which presented a serious security breach.

The company issued a notice on its website, which premeditated on the steps taken by Tether to retain and recover from the breach.  The reports in the media claim that tokens worth $30 million have been stolen, and the company is updating users about how they can redeem funds that are locked in the platform.

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Other reports, which circulated in the media, stated that after the security breach, the Omni Foundation platform, which was responsible for building the bitcoin-based software protocol, which further presented a platform for the development of Tether tokens, launched a new adaptation of the Omni Core software client. The company also stopped and blacklisted all the stolen tokens.

Tether released a statement and declared that Omni in this manner will prevent the tokens to be used at a protocol level and the action allowed Tether to defend against any further possible disruptions to the ecosystem in an attempt to protect the whole Tether community. The latest update, which was given on Tether, reports that it has reopened "limited" wallet services to users, allowing them to start withdrawing funds held in their wallet, if they aspire for the same.

While few details were provided, Tether also announced it is developing a new platform and will be discontinuing its current wallet services and old addresses. New registrations to its platform are currently not being accepted. The startup advises users to exchange their tether tokens on third-party exchanges, and in addition it has issued a warning stating that they are trying to prevent against possible loss of funds and users should not attempt to deposit any funds to their old wallet or deposit addresses.

Furthermore, the company is also in continuation to update its terms of services after checking the users feedback, and that auditing firm Friedman LLP is still working on a full balance sheet audit, as of Sept. 30, 2017. In the end, the firm restated that its assets balances as given on its website are correct and have declared that, "Any suggestion to the contrary is uninformed and baseless."

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Tags: Tether tether tokens Tether community

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