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Wednesday, April 21, 2021

Tether Has Refused The Payment Of 500 BTC As Ransom

According to major reports, hackers have threatened stablecoin issuer Tether that they would be releasing company documents that are sensitive in nature if the company fails to pay 500 BTC. As far as recent news goes, the company has refused payment of this ransom. The stablecoin issuer’s Twitter account stated, last Sunday, that several hackers threatened the company in the event that their demands were not dealt with. Interestingly, the company also issued a statement saying that they wouldn’t be complying with the demands of the hackers. 

Tether Tweets ‘We Are Not Paying’ To Hackers Putting Up A Ransom Of 500 BTC

The company is unsure if the motivation of the hackers was to simply glean some cash from the stablecoin issuer, or if they actually want to harm the entire ecosystem of Bitcoin. Tether believes that the hackers are getting desperate in their demands and motives. For, they haven’t really made it clear if they are looking to undermine the cryptocurrency system that is in place- or if they are simply extorting Tether like other cryptocurrencies. 

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The clouds of misfortunes don’t seem to be letting go of Tether just yet. Just a few years back, the stablecoin issuer was directed to pay a fine of $18.5 million, after it settled a case with the Office of the New York Attorney General. To ensure that there was no legal uncertainty in place, they also had to produce regular reports before the Attorney General. Nonetheless, the company had never acceded to doing anything wrong. 

The issuer’s Twitter handle was bursting with news on Sunday when they tweeted that there were forged notifications and documents circulating the internet. And these documents claimed to be between Deltec Bank and Trust, and the stablecoin issuer. 

The ‘forged’ documents came from a Twitter account which has since been deleted. But one could always found the conversations between Tether and Deltec Bank on Reddit.

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