Tether to Launch New Platform Following Hack
Tether, a startup that provides a dollar-pegged token, has said it plans to launch a new platform following a claimed security breach in November.
Tether, a Santa Monica-based startup that provides a dollar-pegged token, has said it plans to launch a new platform following a claimed security breach in November.
As previously reported, following the breach, the Omni Foundation platform, which developed the bitcoin-based software protocol upon which Tether tokens are built, released a new version of the Omni Core software client that froze and "blacklisted" the stolen tokens.
According to the update, Tether has reopened "limited" wallet services to users since Tuesday, allowing them to start withdrawing funds held in their wallet, if so desired.
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, adding:
Tether is also working to update its terms and service based on community feedback, and that auditing firm Friedman LLP is still working on a full balance sheet audit, as of Sept. 30, 2017.
Concluding, the firm restated that its assets balances as listed on its website are accurate, declaring, "Any suggestion to the contrary is uninformed and baseless."
Hacked computer data image via Shutterstock
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