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At the End of Your Tether: Addressing, Responding to and Insuring Cryptocurrency Theft

Overview

On November 20-21, 2017, Tether, the company behind USDT - a digital token backed by fiat currencies like the dollar and euro - disclosed that a hack resulted in the loss of $30.95 million worth of tokens.


The Tether hack illuminates the privacy, reputational, financial and recovery risks associated with issuing, owning and storing digital currencies. These risks and events are likely to repeat themselves as more initial coin offerings ("ICO") come to the market, and the prices of digital currencies continue to soar.