Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether
Bitcoin performance of the last month has been extraordinary but had experienced a fall this week after the company behind cryptocurrency tether reported a $31 million theft.
We all know there is still a security issue with the crypto world. I had written about it and ways to secure your wallets.that being said let's get back to the $31 million theft. The amount was taken from the Tether Treasury wallet on Nov. 19 and sent to an unauthorized bitcoin address. A public announcement on the company’s website said the stolen tokens will not be redeemed, and the company is working on a to prevent them from entering the ecosystem. There are so many holes in the crypto world you can't detect Becker before is too late. Bitcoin took a hit and dropped 5.4 percent, the most since Nov. 13.
Bitcoin plummeted after Tether, a start-up company offering dollar-supported digital tokens, said its systems had been hacked and about $ 30.95 million of its chips had been stolen.
Bitcoin, which is known for its strong fluctuations, tends to bounce back quickly.
Bitcoin has grown more than 700% this year, with three separate corrections of more than 25%, all of which have given way to subsequent rallies. At current prices, bitcoin has a total market capitalization of approximately $ 134 billion.
Recent volatility came from a slight rise in investors who turned to alternative cryptocurrencies, including Bitcoin Cash, which pushed it to record highs.
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tech is always ful of suprises
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