Story – Tether Hacked for m
Tether is a cryptocurrency built on the Omni protocol.
The Omni protocol is a toolbox that allows you to create new tokens on the Bitcoin blockchain. The benefit being that you inherit all the security and compatibility of the Bitcoin network.
Tether is designed to be a price stable coin, meaning 1 USDT should always be worth 1 US dollar.
That is achieved by the Tether Corporation keeping a minimum of 1 US dollar in their bank account for every 1 USDT that they issue. Simple idea right.