Tether says nearly $31 million worth of its digital tokens have been stolen after hack

Tether, the startup company that allows users to trade and use digital tokens backed by fiat currencies like the dollar, euro, and yen, says that close to $31 million was stolen from its coffers after a malicious attack. In a post on its website, Tether says $30,950,000 USDT was taken from its treasury wallet on November 19th and sent to a unauthorized digital wallet. USDT is a cryptocurrency token pegged to the US dollar, which is fully backed by assets in the company’s reserve account.
Tether says it will not redeem any of the stolen tokens and that it is in the process of attempting to recover the tokens to prevent them from entering the broader ecosystem. Bitcoin’s price dropped sharply as a result in morning trade, but clawed back some gains to $8,190, according to Bloomberg.