Tethers is a sole-source cryptocurrency, pegged to the US dollar. Bitfinex produces it, though they're cagey (some would say outright lying at times) about the level of involvement.
The primary purpose of tethers is money laundering, even more so than cryptocurrency generally. Bitfinex was cut off from the US financial system, which makes it impossible for them to clear USD-denominated wires. Their clients have ~$400M of USD on deposit with Bitfinex. Their solution: issue a cryptocurrency which is claimed to be 100% backed by USD and say that it is redeemable 1-to-1 for dollars... we just can't actually physically give you the dollars.
Incredibly, this has worked so far. Bitfinex has issued approximately $600 million in tethers, all but $10 million or so in the last 6 months. They're usable on a handful of exchanges, for the purpose of buying BTC and other cryptocurrencies.
Tether claims that someone has stolen 5% or so of their $600 million tethers -- the digital claims, not the underlying dollars sitting at their totally-exists-we-promise bank account. They've made a technological change to the Omni client to disallow transactions on the stolen tokens, but there is no guarantee that they succeed in convincing all parties to use this.
The nightmare scenario for them is 1+ exchanges say "Well, actually, we rely on your money actually being money to list it here, so pick: we delist you or we don't, but we don't have any incentive to apply that patch." [0] The thief immediately exfiltrates to Bitcoin, and suddenly 30 million hot tethers are contaminating the money stream at the exchange, and they cannot be conveniently disambiguated from clean tethers, because money is fungible.
Hilarity then ensues, for values of hilarity which probably mean "bank run" on a bank which is structurally incapable of paying out most holders of money.
[0] Why does Bitfinex care whether their cryptocurrency is listed at other exchanges? Because they need to launder money to support their exchange business. Tethers are institutionalizing a sort of crypto-hawala (or crypto-Liberty Reserve), allowing the physical transfer of real money to happen at legal remoteness to the cryptocurrency exchange.
Bitfinex has an order book filled with something people want. A way to get access to that orderbook is to say "Bitfinex, I want some tether, how do you sell them to me if you can't accept a wire?" Bitfinex might say "Are you a trustworthy US VC? Spiffy. Move $20 million from your left hand pocket to your right hand pocket. The right hand pocket is now ours; here's $20 to $21 million in Tether, which are good for BTC at your favorite exchanges. At some time in the future, a trustworthy US VC other than yourself is going to ask you to buy some tether from them at par value. You will do that, and pay them from your right pocket. If a regulator asks you about this transaction, you bat your eyes and say 'Oh, sophisticated investors doing a cryptocurrency transaction, nothing to see here.'"
Post-script: Is this good news for Bitcoin? Oh this is great news for Bitcoin. If you don't believe Bitfinex's $600 million in liabilities are worth a copper shilling, the only option for getting your value out of Bitfinex is to swap your liability for Bitcoin, which drives up the price of Bitcoin at the margin.
This is exactly what happened in the final months of Mt. Gox.
Tether has printed $600 million worth of tokens since, so either: 1) Local Taiwanese have deposited $600 million to buy Bitcoins through domestic wires, OR 2) Tether is lying and printing tokens out of thin air.
Place your bets gentlemen.
$600 million bet — literally.
They don't need to do that on that many exchanges to have effective peg to USD. However they of course still need traditional bank accounts, and they need to trade the BTC on OTC markets or somewhere else.
Basically everything about the parent comment is factually incorrect. I'm not sure why it's so upvoted. I guess people just like scandal in the cryptocurrency world and would prefer to believe what comports with their preconceptions.
Even if BFX did not know this before they build their exchange, this most likely became clear from day 1. Tether is a great hedge against this (politics aside).
Could you address anything that you think is "factually incorrect"?
patio11 is well respected in this community, so I guess the post is upvoted just because of the author. I personally respect patio11 on quite many topics as a very knowledgeable, but when it comes to Bitcoin and cryptocurrencies he seems to have some personal issue with them, which makes his posts on the topic not that objective.
When you have to choose between following a pre-bankrun rumour or following unsubstantiated pushback, follow the rumour. It costs you maybe 5% to get out vs 100% if you're wrong and banks / money holders compete on assuring people that there is less risk with their solution so if Tether can't provide assurance then that is their problem. Cut and run.
Well, they've never proved it. Just a literal: "Hey, we promise we have the money."
So, can't really say; it's basically a Schrödinger's cat to everyone on the outside. We will only know when it booms — or busts.
And the company officers are currently actually bitfinex people?
Total coincidence.
Correct me if I'm wrong here, but this seems to be an argument for BTC/USD going up on Bitfinex -- but not necessarily elsewhere. Is the market failing to price in the fact that "USD on account at Bitfinex" has a value which is not identical to that of "USD in a regulated US bank account"?
If the price of Bitcoin has been inflated by 600 million USD that doesn't really exist, then when this unwinds it will be bad news for Bitcoin.
I think there is a place for a 1:1 backed currency on the blockchain, but I'd rather see Governments actually print for example USD and AUD onto something like an ERC20 Ethereum token.
This would add real fiat to the blockchain which is important, as in the end all taxes are paid in fiat. (It would be nice to be able to go directly into AUD for all crypto currencies, rather than the mess I have now which is to use an intermediate crypto currency like Ethereum or Bitcoin to move in and out.)
Those extra transactional costs really screw with a lot of us.
You briefly mention that crypto-currencies are used for money laundering. Do you think that's what's driving btc price to insane levels? Or is it just good old euphoria?
For example ECB (european central bank) is issuing 60 billion euros new money each month, and buying bonds with it. That is half of the bitcoin market cap.
I feel like I'm missing something here -- doesn't the first VC end up with more in tether than the right-pocket money?
Well, yeah. People don't just participate in schemes without getting "paid" for it.
Participating exchanges have to upgrade their omni/tether clients or they run the risk of accepting the unredeemable tethers for which their customers will hold them liable. Omni's design allows tether to track all the disavowed tethers so there's no risk of payout to addresses downstream of this one.
EDIT: it appears I was wrong!
It was shut down by US authorities sometime in the Spring of 2013 as I recall. Tether is playing a similar inter-exchange roll today. At least now there is some kind of public ledger, but that may not be saying much.
To add to the excellent summary of patio11:
The other side of the coin is that more and more exchanges are using Tether (USDT) as the only thing pegged to the FIAT world in any way (value wise), not having to deal with actual dollars and banks makes the legal side of running an exchange a lot easier and cheaper. So a lot of exchanges are supporting USDT for a reason way bigger than simply providing a trading marketplace for them. Think about exchanges like Bittrex and Poloniex, which volume wise are huge and don't offer any real dollars or euros.
My bet is that exchanges are holding a lot of these, and they're a bit bought in to Bitfinex not falling over...
Insofar as market cap means anything, Bitcoin alone takes up about 56% of the sum of all cryptocurrencies listed on coinmarketcap.
They accept anonymous reports, and pay out whistleblower penalties in some circumstances.
I can't tell if Tether is a US company or not, but regardless, it's still worth reporting if y'all care to - that USD has to get into the country somehow, and it sure is interesting how it isn't being reported properly!
Generally, they know about it, but they have to work to build a case against these people?
This is the only thing that matters: no matter how many faults, and bugs, and breaches, and unauthorised transactions there are, people still flock to these poorly specified, even more poorly executed soap bubbles with no real-life uses.
This like the tenth time something like this happened this year (or just last month, I lost track). And still, somehow, there are (perceived) millions upon millions of dollars in these systems.
Certainly you won't believe it does without some strong verification right?
The short version: Mt. Gox stopped paying out USD-denominated claims, because (as was correctly perceived by many people) they were insolvent. They continued paying out BTC-denominated claims. The only way to get value out of Mt. Gox was to either go through yen (which the vast majority of customers couldn't do [0]) or buy Bitcoin and withdraw, which caused the price of Bitcoin to gallop upwards in late 2013.
[0] I got a number of interesting business propositions that year: https://twitter.com/patio11/status/423869016776933376
Similar thing could happen with people redeeming USDT for USD if they don't have enough to cover the already issued USDT.
Tether certainly has a connection to Finex but they are not its biggest client. Tether is being used by crypto-only exchanges mainly Bittrex and Poloniex to give people the possibility to trade coin/usd.
A possible explanation of Tether growth is simply that: Polo and Bittrex started using them. Is that shady and tries to avoid regulation by placing a crypto sign over a real dollar? Yes.
> If you don't believe Bitfinex's $600 million in liabilities are worth a copper shilling, the only option for getting your value out of Bitfinex is to swap your liability for Bitcoin, which drives up the price of Bitcoin at the margin.
Except that the price of bitcoin in finex has been lower than other exchanges in the last few weeks and only slightly higher now.
> I, J.L. van der Velde, hereby declare as follows:
> 1. I am the Chief Executive Officer for iFinex Inc. (“iFinex”), BFXNA Inc. (“BFXNA”), BFXWW Inc. (“BFXWW”), and Tether Limited (“Tether”). I have personal knowledge of the facts set forth below, and if called and sworn as a witness, I could and would testify competently thereto.
> 2. iFinex, through its subsidiaries BFXNA and BFXWW, owns and operates a leading global Virtual Currency platform called Bitfinex.
I don't know what else you need for a smoking gun. Tether and Bitfinex are the same thing.
This is false. In fact, every "USD" market on Bitfinex is actually a Tether market. It doesn't matter what the label on the ticker is, because USD cannot be deposited or withdrawn from Bitfinex, only Tether. Given that, Bitfinex is by far the biggest Tether market.
There are others though not really at Tether's level. There is bitUSD on cryptocurrency called Bitshares.
> Is this good news for Bitcoin? Oh this is great news for Bitcoin.
Some more discussion on this topic here: https://news.ycombinator.com/item?id=15633852
To add to your post, there are some claims on the fact that it is not finex which has the highest volume rather Bittrex and Poloneix.
There is an interesting reason for that- there is no market for BTC/USDT on Bitfinex as far as I can tell: https://coinmarketcap.com/currencies/tether/#markets
Though I am unable to open the exchange link - https://www.bitfinex.com/t/USDT:USD
This means if I need my USDT to convert to BTC Finex is not the place. They are rather Poloneix and Bittrex which have an exchange for BTC/USDT. Hence people are going to those exchanges in droves, instead of finex.
The second interesting thing is as far as I can tell, finex seems to peg the USDT to $1 and invariably sell/buy at the same price. There is no free float. While others have a free float to BTC/USDT which means prices can be pushed higher there. So I will not be surprised if Bittrex/Poloneix had higher BTC prices.
That said, the chart of USDT is also interesting: https://coinmarketcap.com/currencies/tether/#charts
The peg was maintained for a long while before things seem to get hairy in April/May this year.
You have it backwards. There is no BTC/USD market on Bitfinex. Their "BTC/USD" market is a BTC/Tether market. They have simply labeled it wrong to mislead people. USD cannot be deposited or withdrawn from Bitfinex, only Tether, and that makes their "USD" market a Tether market no matter what the ticker says.
It's really a brilliant scam, but it's only a matter of time before Tether is shut down for enabling money laundering, and Bitfinex with it. Banning US citizens may buy them a little time but it won't last forever. Bitfinex will be the next BTC-e, only worse. Not only is their volume higher than BTC-e, they may bring down Bittrex and Poloniex with them.
1. USDT > USD. This is the benign version. This signifies increased demand for Tether itself. This happens when there are arbitrage opportunities between exchanges that can only be exploited quickly using Tether. This is the variety that is most common, and exactly what Tether was intended to be used for.
2. USDT < USD. This is bad. This means that people are willing to take a small haircut to not be holding Tether. This means that the market views Tether as risky in some way, possibly implying insolvency. This has happened a few times, but is less common.
Understanding this is essential to interpreting Tether, price divergences, and also the nominal divergence between prices on different exchanges.
1. The saw all the buzz about BFX and Tether and decided to pile the negative buzz all at once.
or
2. Let's tell them we got hacked and shift the attention their; plus they might feel bad for us.
They were good when they first started but then they got full of themselves and started implementing very odd and sketchy operations. Personally, I won't use them until they become verified: https://cryptonaire.com/digital-assets
Or any other altcoin available on Bitfinex.
That is some backward logic there.
If there was 600 mio. USD of fake money used to trade bitcoin, it would have driven the price of bitcoin up (and the price of USD down).
Now we get that thing in reverse.
The funny part is that Tethers came into being after Bitfinex was hacked, right, as a way to help them out? Sometimes we say after someone or a company makes a mistake they're less likely to do so again. In this case, "oops"?
No, Tether is completely unrelated and existed (or was in the process of being stood up) years prior. It just became widely used in 2017 after some exchanges (bitfinex being a big one) switched to it for USD for a variety of reasons.
> The primary purpose of tethers is money laundering.
you don't back up this statement. The primary purpose of cryptocurrency isn't money laundering. CME is not a money launderer. the us vc aren't in the business of money laundering. What do they gain from buying tether ? How do they move their real usd to bitfinex ? Why does bitfinex even want US dollars ? How is bitfinex able to maitain the usdt/ btc rate appropriately ?
1) Bitfinex being the producer of tether? 2) Bitfinex being cut off from the US financial system? (According to their knowledge base, USD withdrawal is an option: https://support.bitfinex.com/hc/en-us/articles/213919309-How...)
1) Declaration 1&2 show that Bitfinex (through iFinex) share the same CEO (and they're the plaintiffs in this case)
2) The whole point of the case was Bitfinex fighting against being cut off by Wells Fargo.
http://article78againstnydfs.com/docs/317-cv-01882-BitfinexC...
Try to look at all this holistically.
How many people and resources do we dedicate on this planet to keep track of money, economy, mine the coins, cash the checks, swipe the cards, keep the lines working?
All of these abstractions make trade faster and more liquid but honestly it really feels like dimished returns in the grand scheme of things.
So many people make money by keeping track of money. So much resources. I can't even fathom it.
Bankers, store clerks, amazon servers, politicians, Dunbar, Stock markets, its crazy.
How much do we allocate to this cause, the cause of keeping track of "who owns what"?
This is not rhetorical, If I had to guess, I would guess that 70% of our resources and jobs are dedicated to this nonsense.
Just think we are mining coal out of the real ground just to mine these "valuable" ones and zeros. What the actual fuck?
It all just seems like a waste.
Use my empty clock cycles to mine and keep track of everyone's virtual coins?
I was behind folding proteins and SETI, and all the other distributed computing ideas. It felt meaningful, like I could help change the world and help raise up the human condition...
Thanks to this post, I just learned what "Tethers" are, and I have to say, I'm so fucking disappointed with this part of the industry.
One of the early promises of cryptocurrency was to "sick it to the man and governments". Now its powered largely by greed and consuming our most important resources in breakneck speeds.
I wish you all luck this this "investment", hopefully the planet will survive this next abstraction of "money".
But money is a strange thing. Almost everyone you speak to doesn't understand it. People think the money itself---the bank notes and numbers in an app---are "worth" something. The system itself does have value because it enables asynchronous trade, which seems to be a good thing. But when you tell people that the numbers in their bank account were just created from thin air by some bank who lent someone money at one time, their eyes glaze over.
When you look around it is obvious that there really are people who are "good with money", and people who are not. Who knows if the poor understanding is intrinsic or has been nurtured by the finance sector. But if we accept that money is a good thing and that some people are bad with it, then that does mean the finance sector has some value.
Bitcoin has long been about greed, unfortunately. In the beginning it seemed like a majority were in it because they saw the value of trustless electronic cash. A system much like gold but completely electronic and completely accurate. But it hasn't been about that for a while. Today you can't even move BTC around due to high transaction fees. I can't believe that the current market cap reprents the value in the current system.
You really think that having only 30% of output go into actual, productive endeavour would be a good thing?
It just screams of a completely broken system to me, and inefficiency.
I could understand if your attitude was that, well, it seems it had to be this way, it's the best we can do. But to actually celebrate a ~2:1 ratio of fund-shuffling busywork over production seems crazy.
Don't get me wrong, I work in the sector right now, I'm happy to get paid for it, and I can see a use for what I'm doing (exposing data for use in new services) but really not so much when it comes to using distributed supercomputers and thousands of coders to try to predict tiny market movements. And really not "burning energy as fast as possible to (adversarially) compute transactions on a shared ledger".
I liked that thought, however, I don't agree with the sentence that followed it. We can do way better than that, if we're designing the "next gen" currency, it better give us way more productivity.
So we need to understand why part of it sucks, why part of it is great, and develop better alternatives that are also great but suck less. For example, it is important to keep track of who owes what to whom, otherwise people can't trust each other to make promises on a large scale with strangers. It's less good that people can gain a lot of profit simply by manipulating numbers and moving financial instruments around. Part of this stems from all value judgements being collapsed down into a single number which of course can never be self-consistent [1], part of it stems from informational differences between actors and other real-world deviations away from what a "perfectly-liquid" market should look like. If financial activity was truly a "market optimisation" mechanism, we ought to be able to replace the entire thing with a neutral algorithm and get rid of bankers and personal profits here completely.
[1] you cannot totally-order a 2-vector (and in general a n-vector) so that the ordering obeys the neighbourhood principle
> Lot of HN-ers are extremely cynical about cryptocurrencies
I think cryptocoins are great but we can all see folks dumping their money into assets that they have no hope of understanding, guided by FOMO. As a whole it seems like there's not enough cynicism.
However, I think about it slightly differently -- crypto currencies (and their likes) are just an attempt to replace man-power with computer-power. We need someone to enforce the rules without human intervention, hence, freeing up more people to do stuff that doesn't involve managing the abstraction of money.
edit: When we imagine "mining" in this realm, it'd help to think in terms of mining abstract resources like cost for verification of a transaction, rather than tangible resources like coal.
We literally are mining coal to burn it in powerplants to energize servers and GPUS to waste clock cycles to find "coins".
The world is the realm and how we use its people and resources matters, especially when its to just create more entropy faster then natural systems.
Don't forget that decentralized currency is a rather new technology, and is constantly seeing progress being made on all fronts. You can even mine Grid coins doing SETI and Protein folding work!
* has been moving for years with no end in sight
Which is higher than it should be, but thankfully not 70%...
The above probably includes the accounting industry but not all employee accountants/cashiers embedded in all companies, but even if it did, it would move the needle only a bit (maybe 10% of employees?)
I think that's a wild overstatement, even if you're including every kind of management and public service job in the world.
There is a really critical distinction between truly trustless currencies like bitcoin and "managed" [centralized, trusted] assets like the ones Ethereum offers. Interesting that once you start to grant some amount of trust there are options that don't leverage proof-of-work at all, so the waste is not necessarily a concern.
Proof-of-work is "only" necessary if you want trustless coin w/egalitarian distribution. Some folks would argue that it's not necessary to be truly trustless (perhaps bootstrapping a new bitcoin node could suffer a DoS from a sybil false-chain attack, at which point you would trust someone authoritative's copy of the blockchain).
No matter how you slice it, you should be very, very suspicious of any new cryptocurrency and super extremely suspicious of any new "crypto-asset".
Tether was originally setup as RealCoin. It originally had a clear bank account relationship with a Taiwanese bank. It had about $30mm. Then the bank cut them off.
Since then they've been floating without any announced banking relationship and they also changed their terms of service. Over the same time period they made a partnership with BitFinex and their supposed AUM has gone up over 10x.
No one really knows how much of that corresponds to actual USD or if anyone can actually withdraw. A famous twitter account (https://twitter.com/Bitfinexed) points out every day the ostensible discrepancies between the supposed AUM and public amounts.
I'm generally a huge fan of the goal of Tether (a stable USD backed cryptocurrency), but the proof is in the pudding (i.e the reserves) and your access to it, and both of these are rather questionable.
Full disclosure: I know and am friends with some of the current Tether team and was recruited for RealCoin in the early stages of the project. They are working on a hard problem (asset-backed cryptocurrency on the way that gets the most traction in the market at present, not necessarily the way that inspires the most confidence.
A “USD-backed cryptocurrency” is a misnomer — it’s just credit. It’s a promissory note saying some issuer will, allegedly, pay you a given USD amount. But unless you believe this claim is 100% certain, it will trade under par, which means it’s no longer backed 1-to-1 (or, at least, the market doesn’t believe it to be in practice).
bitUSD is backed by a liquid-market peg and has generally held up fairly well since 2014.
Here is the paper if anyone is interested: https://www.gogreenmango.com/whitepapers/Bitcoin-Volatility-...
I'm indifferent on bitcoin, it's a cool idea but there seem to be a lot of these "hammer everything" types that are doing it a disservice across the board.
A whole bunch of people have been questioning whether they ACTUALLY have that money, very recently, and surprise surprise, there just 'happens' to be a hack that happens right now.
Tether is an ERC20 token. [1]
[1] - https://blog.ethfinex.com/announcing-the-erc20-tether-c84cc3...
If the attacker is moving fast enough, exchanges probably can't even respond in time. That shouldn't mean that they lose money. If tether reserves the right to delist coins at any time without much notice, why would you ever consider that a safe asset to accept?
> […] they have been flagged and will not be redeemable by Tether for USD.
How will this ever work in real life?
If I yesterday — right after the hack, but before the announcement — in good faith received $1m in USDT, and paid in Bitcoin, who’s liable?
In effect, this policy just shifts the financial burden to innocent people, who may have paid e.g. Bitcoin in exchange for “fake” USDT in good faith.
The issuer needs to take sole responsibility for this. Not because it’s the right thing to do, but because the USDT is useless otherwise. How can it be used for payments if the issuer can make a blog post saying “by the way, if you received USDT from this guy then you have nothing”?
> The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r.
Rip Tether. I'd expect everyone to stop accepting Tether transactions effective immediately. Tether just made their own security breach a collective responsibility. Now you have two types of coins: the clean ones and tainted ones that are useless.
I'm finding this a little confusing as it looks like BTC blockchain addresses can also be Tether addresses. Is this correct?
They are currently holding $30.9M USDT. If they transfer this to another USDT address, I assume it would show up here, like the 3 inbound tx from 31okFF1rUu8jjPEVuajycTRBp82Nteo4Mv that makes up their balance.
But what if they want to cash out to BTC? If they bought on Bitfinex with their USDT would another transaction appear? And could it then be tracked to the BTC blockchain explorer?
It was claimed that the stolen USDT could be mixed into the main supply of BTC, but I'm failing to understand how that would happen, as it seems traceable from the public addresses.
Yes. Tether is so-called Smart Property (with Property ID 31) stored using Omni Layer. Omni Layer stores transactions on Bitcoin Blockchain. Transaction data is encoded as output script, which uses OP_RETURN opcode and zero value. OP_RETURN opcode allows 80 bytes of data. Omni Layer uses 4 bytes ("omni") of 80 as a prefix to coexist with other systems using OP_RETURN.
Crypto has made it easy for people to essentially start a bank, without actually thinking too much about or knowing how to build a vault properly.
#Tether Critical Announcement
Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker. Tether integrators must take immediate action, as discussed below, to prevent further ecosystem disruption.
$30,950,010 USDT was removed from the Tether Treasury wallet on November 19, 2017 and sent to an unauthorized bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem. The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r. If you receive any USDT tokens from the above address, or from any downstream address that receives these tokens, do not accept them, as they have been flagged and will not be redeemable by Tether for USD.
The following steps have been taken to address this matter:
1. The tether.to back-end wallet service has been temporarily suspended. A thorough investigation on the cause of the attack is being undertaken to prevent similar actions in the future.
2. We are providing new builds of Omni Core to the community. (Omni Core is the software used by Tether integrators to support Omni Layer transactions.) These builds should prevent any movement of the stolen coins from the attacker’s address. We strongly urge all Tether integrators to install this software immediately to prevent the coins from entering the ecosystem. Again, any tokens from the attacker’s address will not be redeemed. Accordingly, any and all exchanges, wallets, and other Tether integrators should install this software immediately in order to prevent loss:
https://github.com/tetherto/omnicore/releases/tag/0.2.99.s
Note that this software will cause a consensus change to currently running Omni Core clients, meaning that it is effectively a temporary hard fork to the Omni Layer. Integrators running this build will not accept any token sends from the attacker’s address, preventing the coins from moving further from the attacker’s address.
3. We are working with the Omni Foundation to investigate ways that will allow Tether to reclaim stranded tokens and rectify the hard fork created by the above software. Once this protocol enhancement is complete, the Omni Foundation will provide updated binaries for all integrators to install. These builds will supersede the binaries provided above by Tether.to. After the protocol upgrades to the Omni Layer are in place, Tether will reclaim the stolen tokens and return them to treasury.
Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday. Those tokens will be returned to treasury once the Omni Layer protocol enhancements are in place.
We will provide further updates as they come available, and we appreciate the community’s patience, understanding, and support while we work to rectify the situation in the best possible manner to everyone’s benefit.
The Tether Team
And will you get it back? By design, no. This is the unfortunate reality of crypto currencies.
https://chrome.google.com/webstore/detail/bitcoin-to-buttcoi...
