Tether suffers an attack
Tether (USDT) has recently suffered a DDOS attack after receiving a ransom request.
By Anna B Kiwanuka
Tether Chief Technical Officer (CTO), Paolo Ardoino, confirmed this previous weekend on Twitter that the Tether website, tether.io, suffered a Distributed Denial Of Service (DDOS) attack. This is a malicious attempt to disrupt the normal traffic of a targeted server, service, or network by overwhelming the target or its surrounding infrastructure with a flood of Internet traffic.
The number of requests for the website increased to 8,000,000 every five minutes early on Saturday morning which is a distant shift from the 2000 requests every five minutes on a typical day.
According to Paolo Ardoino, the firm received a ransom request from the hackers who attacked its system. He explained that the demand is not unprecedented because they have received it once in the past.
At the moment, the effect of the attack has been watered down and Paolo has revealed that the Tether team has been able to mitigate further risk.
Before the attack, Tether had been involved in a battle to maintain its position as the number one stablecoin in the crypto industry. Amid a market crash that has reduced the crypto market cap to less than $900 million US dollars, stablecoins have also faced increased scrutiny recently.