Bitfinex failed to implement operational, financial, and technological controls proposed by its digital security partner, according to a document obtained by reporters. Hacking that single device would give an attacker full access to Bitfinex’s internal systems, and to “security tokens” that allowed the attacker to manipulate Bitfinex’s operating system. The Ledger Labs document concluded that the hack probably originated in Poland, based on a detailed analysis of source IP addresses. Tether is pegged to the U.S. dollar, and there are $82 billion worth of Tether tokens in circulation. Massive hacks or failures of cryptocurrency exchanges — the most recent and famous being FTX — threaten the stability of any cryptocurrency: Following the Bitfinex hack, bitcoin’s value plummeted 20 percent.

Source: Forbes May 25, 2023 11:27 UTC