Home Cryptocurrency News In Tether Hack, US$3.1 Million Worth of Cryptocurrency Stolen from Taiwanese Antique Dealer

In Tether Hack, US$3.1 Million Worth of Cryptocurrency Stolen from Taiwanese Antique Dealer

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CHIAYI, Taiwan, Sept. 3, 2021 /PRNewswire/ — In what is probably going the most important digital theft within the historical past of decentralized finance in Taiwan, hackers have stolen about US$3.1 million price of the cryptocurrency Tether from an vintage seller in Taiwan named Liu Kun-Hung.

In keeping with native legislation enforcement officers in Chiayi, Taiwan, this cryptocurrency was being held in two Tether accounts in america, after Liu had made a US$3.1 million fee to the dealer in that cryptocurrency.

In early July, Liu seen that three transfers had been constituted of his Tether accounts to an unknown cloud pockets. Nevertheless, neither he nor any of his associates who had entry to Liu’s accounts had made any such transactions.

Liu instantly modified the passwords to his accounts a number of occasions, however even that did not cease the unauthorized transfers. He then reported the cyber theft case to the police. By that point, nevertheless, hackers had already relocated the stolen cryptocurrency to five totally different cloud wallets and emptied US$500,000 in cryptocurrency from one the accounts.

“They (the hackers) can steal our private data from anyplace: from employees or workers, from the communication apps that we use, and even from the platform used to open the account in Taiwan,” said Liu. In keeping with Liu, although he modified his passwords a number of occasions and that an authorization code is required to make a transaction, the hackers had been nonetheless capable of entry his accounts and conduct the heist.

Liu additionally filed a discover in regards to the unauthorized exercise with Tether. Ultimately, representatives there have been capable of freeze the remaining US$2.6 million within the 4 unknown cloud wallets.

In keeping with Taiwan’s Felony Investigation Bureau, investigators have already recognized the hacker’s web protocol handle, and this handle is linked to a cloud-service supplier in New Taipei Metropolis, Taiwan.

The police have said whereas the case continues to be underneath investigation, primarily based on the data obtained within the preliminary probe, it seems that the hackers stole the password and very important account data by hacking into the cellular phone(s) of Liu’s and/or his workers.

“I will not be the final sufferer,” Liu declared. “Digital forex makes use of essentially the most superior applied sciences and is meant to be resilient and highly effective in defending very important data—safety is among the prime causes that we spend money on it.” He continued, “However apparently that isn’t the case right here. Thus far, I have been very disillusioned and annoyed, and I strongly urge Tether and its associated operators to assist shield others, particularly international traders like me.”

Like Bitcoin, Tether is a cryptocurrency. In actual fact, it is the world’s third-biggest digital coin by market worth. Tether, nevertheless, may be very totally different from different digital currencies. Launched in 2014, Tether is called a “stablecoin,” which is a sort of digital forex that’s tied to real-world property—such because the U.S. greenback—with a view to keep a steady worth.

Media Contact
George Hu
[email protected] 

SOURCE Liu Kun-Hung

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