In early July of this year, about $ 3.1 million in tether stablecoins was stolen from a Taiwanese’s account. This was the largest cryptocurrency theft in the country and continues to make news today about the risks associated with supposedly secure digital assets.
USDT / USD
There has always been investment risk when it comes to cryptocurrencies, even with a stablecoin like Tether. However, personal accounts are said to be incredibly secure and very safe from hacking. The victim, Lui Kun-Hung, said that his employees’ cell phones and cell phones were hacked, and the hacker stole passwords from those devices to access his account.
When he noticed several unauthorized transfers from his Tether account, Kun-Hung changed his password several times, but to no avail. The money was gone and the local authorities are still investigating the case and trying to track down the hackers.
How this affected Tether
Tether is pegged to the US dollar, so its value tends to replicate what the US dollar does. That being said, tether is a digital asset and if it doesn’t look safe it will affect how many people trade that coin and even where it is accepted. Various digital currency exchange platforms have the ability to drop or add cryptocurrencies at will.
Tether is currently seeing a 24-hour trading volume of $ 92.94 billion, which is very healthy for this stable coin. For most of its lifespan, Tether stayed around the $ 1 mark, with a sharp increase in April of this year. Other than that, however, it hasn’t moved much away from its $ 1 level as its value largely depends on what the US dollar is doing. Tether can lag a little behind the US dollar and sometimes be ahead of it, depending on supply circulating and other factors.
Tether is currently under fire over reports of market manipulation, which is one of the reasons Canada has banned it from two separate digital currency exchanges. This has nothing to do with the theft in Taiwan, and there are larger factors involved that potential investors should be aware of. Tether will have some difficulty entering new markets due to the testing involved and investors should be aware of these factors as well as potential security concerns.