October 28, 2021

Tether hit with 500 Bitcoin ransom demand — but says it won’t pay

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Hackers have threatened to release sensitive company documents supposedly belonging to USDT stablecoin issuer Tether unless the firm sends a 500 Bitcoin (BTC) ransom to a specified address.

As revealed by the official Twitter account for Tether on Feb. 28, hackers purportedly threatened to leak documents that would “harm the Bitcoin ecosystem” if their ransom demands are not met. Tether has already stated that it will not pay the ransom, which amounts to a dollar value of $23.8 million at the time of publication. The firm tweeted:

“Today we also received a ransom demand for 500 BTC to be sent to bc1qa9f60pved3w3w0p7snpxlnh5t4uj95vxn797a7. The sender said that, unless they receive the BTC by tomorrow, they will leak documents to the public in an effort to “harm the bitcoin ecosystem.” We are not paying.”

The firm said the extortionists’ motivations weren’t clear, noting that it could be a simple cash grab or part of a greater effort to undermine Tether and the rest of the Bitcoin ecosystem.

“It is unclear whether this is a basic extortion scheme like those directed at other crypto companies or people looking to undermine Tether and the crypto community as a whole.Title: Tether hit with 500 Bitcoin ransom demand — but says it won’t pay
Sourced From: cointelegraph.com/news/tether-hit-with-500-bitcoin-ransom-demand-but-says-it-won-t-pay
Published Date: Mon, 01 Mar 2021 13:04:56 +0000