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Tether-related breach found by Asian cybersecurity experts

28 June 2018 21:00, UTC

A previously unknown Tether (USDT) vulnerability has been reported by tech experts from Asia. Basically, a transaction could be conducted twice due to the errors in the verification tools in the code.

An invalid variant of transaction was accepted just as the real operation. Experts note that the problem would not exist at all if it wasn’t for some poorly-made cryptocurrency exchange on which this bug only works. Naturally, they did not specify the name of the platform.

21-06-2018 00:00:00  |   News

This could have resulted in a disruption of Tether economy and harm its reputation. The stated goal of project Tether is to issue tokens which are backed by the United States dollar, although both conservative financial and less rigid cryptocurrency experts have repeatedly expressed doubts in the credibility of the enterprise. This time, however, the reliability of the cryptocurrency is undermined by coders from a separate firm. Reports tell that most observers reached this conclusion independently.

Sometimes such errors are not fixed in time and there are historical examples when digital currency technologies suffer from the problem of double-spending. This technique was also a part of a 51% attack on Bitcoin Gold, as seen from the reports on that incident.

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