The value of bitcoin and ethereum prices briefly took a dip on Monday evening after a big theft allegedly affected a separate virtual currency system called Tether:

Tether’s cryptocurrency, the USDT, is pegged to the U.S. dollar. The operators of the Tether network announced in a since-removed notice that $30,950,010 of the tokens were “removed from the Tether Treasury wallet” on Sunday and “sent to an unauthorized bitcoin address.”

The Tether team said they would blacklist the address, so the tokens stolen in the hack could not be converted into U.S. dollars. However, some in the cryptocurrency community criticized the service for its lack of transparency in dealing with the situation, and the implications of it being able to disable specific addresses in this way.

According to Bloomberg, the news knocked bitcoin’s value down by 5.4%, its worst fall in a week. We are targeting $9,000 by the end of the month. However, bitcoin mostly recovered within hours, and was trading just north of $8,220 this morning. Ethereum prices also took a small hit:

Tether is not exactly a big player in the cryptocurrency scene, like bitcoin or Ethereum are. It’s only supposed to act as a proxy for national currencies such as the dollar, euro and yen, for tasks such as settling balances between exchanges. It uses blockchain technology, but claims to avoid bitcoin’s volatility through its currency pegs.

We want you to join our community, for FREE.

Benefits of signing up for a FREE membership now:

-Dozens of publications per week, including news coverage, earnings commentary, analysis, politics, and more

-Access to special guest contributions, including from WSJ, CNBC, and prolific SA authors

Ability to comment on articles

Access to our weekly newsletter

-Publish your own opinion/analysis

…..and FREE access to our upcoming paid content for life

CLICK HERE: All you have to do is register, and join the community today. 

Thank you for your readership, and for your loyalty.




Not interested? We understand. However, you will miss out on the insights we have provided over the years, that helped drive us to the NUMBER ONE AUTHOR on long ideas on the Seeking Alpha Platform,

Please Like And Share Our Content!