Tether hit with a ransomware attack, refuses to pay the $23-million demand

Tether hit with a ransomware attack, refuses to pay the $23-million demand

Tether’s operational network has flaws, as hackers were able to gain access and hold it hostage

USDT stablecoin issues seem to be under the loop of some hackers, as they recently threatened to release sensitive information belonging to Tether if the stablecoin issuer didn’t send a 500-Bitcoin (BTC) ransom to a specific address. The hackers warned that those documents may hurt the Bitcoin ecosystem, and they won’t think twice about making the information public if Tether doesn’t want to comply with all their demands. The amount demanded is equal to a total of $23.8 million, but Tether has made it clear that it has no intention at all to pay.

The ransomware attack popped up yesterday and Tether announced the threat on Twitter. It said, “Today we also received a ransom demand for 500 BTC to be sent to bc1qa9f60pved3w3w0p7snpxlnh5t4uj95vxn797a7. The sender said that, unless they receive the BTC by tomorrow, they will leak documents to the public in an effort to harm the bitcoin ecosystem.’ We are not paying.”

Tether has also stated that the hacker’s motivations are still uncertain, but it’s also been expressed that there’s nothing that can actually undermine Tether and the rest of the Bitcoin ecosystem. There’s speculation that this is about the settlement in the landmark case launched against the company by the Office of the New York Attorney General, which has been already cleared out since the firm already agreed to pay the $18.5 million fine and submit updated reports regularly.

Tether will be looking for some help from the respective authorities; a tweet from the company stated, “While we believe this is a pretty sad attempt at a shakedown, we take it seriously. We have reported the forged communications and the associated ransom demand to law enforcement. As always, we will fully support law enforcement in an investigation of this extortion scheme.”

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