Tether, one of the largest cryptocurrencies in the world by market size, was hit by a massive denial of service attack on June 18.
Tether under DDOS attack
According to a tweet from Paolo Ardoino, Tether’s Chief Technical Officer, the company has received ransom demands from hackers who hacked its systems. He explained that the demand was not unprecedented as they had received it once in the past.
As a result of the attack, the stablecoin website saw 8 million requests/5 minutes. This is a far cry from the usual 2k reqs/5 minutes it gets on a normal day.
In an update about two hours after he announced that Tether was under attack, Ardoino revealed that its effects had been attenuated.
No further information has been provided about the attack.
Prior to the attack, Tether had joined the fight to maintain its position as the number one stablecoin in the crypto industry.
In the wake of the market crash that sent the cryptocurrency market capitalization below $900 million, stablecoins are also facing increasing scrutiny.
Last month, Tether’s market capitalization fell below $70 billion for the first time in seven months, according to data from Coingecko. This drop represents a 20% drop from the all-time high of $83.2 billion.
The stablecoin went through a small bank run as around $10 billion was withdrawn from its vault within two weeks of the TerraUSD crash.
Tether, in one of its blog posts, argued that its ability to meet any need during that period showed how capable it was.
However, the question remains about its support. Some analysts have pointed out that it has not been as open-minded as rivals like USDC about holding and investing in the space.
USDC has, in recent weeks, seen an increase in its circulation. This includes a 14% market cap increase from May to date.
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