Published
5 years ago on
June 29, 2018
“By rights, it ought to be impossible to double spend tether, but that’s what happened on June 28 according to one Chinese cybersecurity firm. Someone sent 694 tether to an exchange and was credited for the deposit due to a certain field value pertaining to the transaction being altered.â€Moreover: “Tether’s most prominent critics have long asserted that the company doesn’t have enough US dollars in the bank to cover the amount of USDT in circulation. If rampant double spending starts to occur, they’ll be right.†See the full report for yourself, here- https://news.bitcoin.com/bitcoin-in-brief-exchanges-expanding-brave-adds-tor-tether-double-spent/ Evidence of the attack can be seen within Omni Explorer- {  "amount": "694.00000000",  "block": 529555,  "blockhash": "00000000000000000004850989c1e8b3846b2e503d2bf8c3f63857a3aec0133d",  "blocktime": 1530162531,  "confirmations": 178,  "divisible": true,  "fee": "0.00011036",  "ismine": false,  "positioninblock": 448,  "propertyid": 31,  "propertyname": "TetherUS",  "referenceaddress": "16sNxzU5qMmeDkV4QcARCivMNknxr9Yx79",  "sendingaddress": "17R4MDRYiC29znLdGUo4wz9dwNboWvt2Uy",  "txid": "f2e4b555532c6abd9065ab6158a1eec184e4fa8a570e9fb1ede4022589904dd8",  "type": "Simple Send",  "type_int": 0,  "valid": true,  "version": 0 } https://api.omniexplorer.info/v1/transaction/tx/f2e4b555532c6abd9065ab6158a1eec184e4fa8a570e9fb1ede4022589904dd8 What does this mean? This could be a one off, however as Bitcoin.com stipulate, further attacks of this nature will in turn lead to future problems for the value of Tether and the costs associated with maintaining the currency. The take home message from this then is that even as a stablecoin, Tether might not be so stable after all.
