On Monday, almost $31 million was reportedly stolen from a digital wallet called Tether, reminding us of the vulnerability of cryptocurrencies, a thing which needs to be fixed quickly.
Tether’s Critical Announcement
Here's the announcement tether made concerning the theft.
First of all, $31 million USD is huge, and Tether even temporarily suspend their wallet transactions to identify, assess and investigate the damage as well as to prevent from happening again in the future. The critical announcement has since been removed, but the damage has already been done.
Vulnerability still exists in the world of cryptocurrencies
It seems that there’s still some potential for hackers to be targeting the vulnerability that exists in the digital currency. Although preventive steps have been taken, extreme measures need to be put in place to prevent similar tragedies from happening again.
The hack and its effects on Bitcoin
As with any other mishaps, the market dip slightly upon picking up on the news. The price took a 6% hit and it lasted just a few hours, as it quickly recovered and is now back where it started – trading at $8,200.
The effects seem to be just momentary, and investors quickly went back into the market as a show of confidence.
What if a larger wallet was hacked?
The question now is this- what if one of the bigger boys was hacked? What if it was Bitcoin or Ethereum or any digital currency that is more dominant in the marketplace? Will it spark a huge panic and create a selling frenzy?
$10,000 by this year end?
There will be more roller-coaster ride for Bitcoin, but it does seem reasonable to see Bitcoin’s price to touch $10,000 USD by the end of this year.
Some of the positives include a positive reception by governments worldwide, Bitcoin Futures trading set to start in December, and the growing investors' confidence that causes it to be on an upward momentum this year. Could the train be stopped in its track? Or will it reach its $10,000 target?
Just over a month left for us to find out…
Category: Team WhaTechCompany profile: Tech junkie by profession and passionate about anything from the digital world, movies, games and reading. He loves writing and hopes you enjoy his writing as much as he does. Eza, is also known as Don in the virtual world, but don’t him me wrong, he's not a mafia type he's really a nice chap and a devout family guy.
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