Snowmist reported the release of fake USDT on the Omni Protocol

Chinese company SlowMist, specializing in blockchain security, reported that hackers issue fake USDT using the Omni Protocol to replenish their exchange wallets.

Analysts explained that the attackers create fake usdt coins of a “new type”. At the same time, if cryptocurrency exchanges or wallets do not use a mechanism for verifying the properties of tokens, the system can accept such a transaction as a real one.

This can easily lead to false deposits, so SlowMist recommends that exchanges check THE logic of usdt accrual. In addition, according to experts, due to the widespread use of USDT on the Omni Protocol, most people believe that there is only one USDT on it, ignoring other types of unknown cryptocurrencies.

SlowMist analysts have not yet specified the names of the exchanges that were attacked, and did not specify the approximate amount of damage. However, experts reported that such a problem with USDT first occurred in July 2018.

Recall that the developers of Omni Core recently released update 0.8.0, which fixed the error of duplicating transactions, after which the mistakenly accrued tokens and related transactions should be deleted, and the wallet balances should be restored to the correct state.