On June 18, the website of the issuer of the USDT stablecoin was subjected to a large-scale DDoS attack. The attackers demanded from Tether"Ransom", said the company's technical director Paolo Ardoino.
“This morning they demanded a ransom from Tether in order toavoid massive DDoS attacks. They already tried this once. We usually have about 2000 requests per 5 minutes. The attack brought the figure to 8 million requests per 5 minutes,” Ardoino wrote.
The tether.io portal allows you to exchange stablecoins for US dollars in a 1:1 ratio. The minimum redemption amount is 100,000 USDT.
According to the company's CTO, Tether has taken actionto mitigate the consequences of the attack, and the attackers "relaxed" the pressure on the system. He also emphasized that the incident will not affect the ability to redeem positions in USDT.
Despite the collapse of the cryptocurrency market,The stablecoin has maintained parity with the US dollar, but its capitalization continues to fall. It dropped below $70 billion on Friday and is valued at $68.15 billion at the time of writing.
Since the beginning of May, the USDT index has decreased by 18%. The capitalization of its closest competitor, USD Coin (USDC) from the Center consortium, on the contrary, increased by 12% over the same period.
Market capitalization of USDT. Data: Glassnode.
USDC market capitalization. Data: Glassnode.
Recall that in mid-May, USDT deviated from its peg to the US dollar, testing the level of $0.94. At the same time, USDC and Binance USD (BUSD) looked relatively stable.
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