Tether, a startup that offers dollar-backed digital tokens, claimed Monday that its systems had been hacked and $30.95 million worth of its tokens had been stolen, CoinDesk reported.
In a post on its website, Tether said it was in the process of attempting token recovery to prevent them from entering the broader cryptocurrency market.
"$30,950,010 USDT was removed from the Tether Treasury wallet on Nov. 19, 2017 and sent to an unauthorized Bitcoin address,” the startup said.
The attacker is holding funds in the following address: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r.
“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 company added.
The company said that it is releasing a new version of the Omni Core software client in a bid to effectively lock up the tokens it alleges were stolen. Should nodes in the network adopt the software, it would effectively blacklist the stolen address, enacting an emergency fork to contain the funds.
Representatives from the Omni Core software project said they would seek to release new software in the coming days that will allow Tether to retrieve the stolen tokens.