Bitcoin Hits Record High After $31 Million Theft

Looks like even a $31 million theft won’t keep bitcoin down for long.

The cryptocurrency sank as much as 5.4% after a tether hack was disclosed by a company on the Tuesday. The company said in a statement that a “malicious” attacker had removed $31 million from the Tether Treasury wallet on November 19th and then sent it to an unauthorized bitcoin address.

The stolen tokens will not be redeemed and the company is trying to make sure the stolen coins are not being used.

According to Coinmarketcap.com, Tether has a market capitalization of $675 million and is the world’s 20th most-
valuable virtual currency.

According to the CEO of BitMEX, Arthur Hayes, “If tether is actually fundamentally compromised, that will be a very big issue for many exchanges. The knee-jerk reaction was that fear.”

Shortly after the losses bitcoin climbed to a record high of $8,339.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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