Paolo Ardoino reported a DDoS attack on the Tether website

Paolo Ardoino reported a DDoS attack on the Tether website

Paolo Ardoino reported a DDoS attack on the Tether website

On June 18, the website of the USDT stablecoin issuer was subjected to a massive DDoS attack. The attackers demanded a “ransom” from Tether, said Paolo Ardoino, CTO of the company. center>

“A ransom was demanded this morning from Tether to avoid massive DDoS attacks. They already tried it once. Usually we have about 2000 requests in 5 minutes. The attack brought the figure to 8 million requests in 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 took measures to mitigate the effects 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. 

USDT is down 18% since early May. The capitalization of its closest competitor, USD Coin (USDC) from the Center consortium, on the contrary, grew by 12% over the same period.

Paolo Ardoino reported a DDoS attack on the Tether website

USDT market cap. Data: Glassnode.

Paolo Ardoino reported a DDoS attack on the Tether website

USDC market cap. 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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