- The request significantly differs from the daily average of 2k requests/5min.
- The company had received a ransom demand from the hackers.
On June 18, a major denial-of-service assault targeted Tether, one of the world’s biggest cryptocurrencies, by market capitalization. Tether’s Chief Technical Officer, Paolo Ardoino, tweeted that the company had received a ransom demand from the hackers who had breached its network. As he stated, this isn’t the first time a request like this has come in.
Stablecoin Struggle Across the Industry Continues
After the assault, the stablecoin site received 8 million requests per minute. This significantly differs from the daily average of 2k requests/5min. Ardoino sent an update around two hours after announcing that Tether was under assault, revealing that the attack’s impact had been reduced.
1/
— Paolo Ardoino (@paoloardoino) June 18, 2022
This morning @Tether_to received a ransom request to avoid mass DDOSes.
They tried already once.
On a normal day we have around 2k reqs/5min
The attack brought us to 8M reqs/5min. pic.twitter.com/rWEan5VNFX
For a long time before the assault, Tether had been engaged in fierce competition with other stablecoins for supremacy in the crypto market. Stablecoins have been under heightened scrutiny in the wake of the crypto market crisis, which has lowered the total market capitalization to less than $900 million.
This month, for the first time in seven months, Tether’s market capitalization fell below $70 billion, according to CMC. A 20 percent decline from its previous all-time high of $83.2 billion has occurred. Over $10 billion was removed from the stablecoins vaults within two weeks after TerraUSD’s collapse. Tether maintained in one of its blog postings that it was competent since it could satisfy all of the demands during that time period.
However, there are still doubts regarding its financial backers. Some analysts have criticized the company for not being as forthcoming with information regarding its investments in the industry as competitors like USDC. The number of USDCs in circulation has risen recently. Between May and today, the company’s market capitalization has increased by 14%.
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