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The Unknown Demanded a Ransom of 500 BTC from Tether

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500 BTC from Tether

The unknown person demanded a ransom of 500 BTC from Tether

500 BTC from Tether

The issuer of the largest stablecoin by capitalization, Tether (USDT), reported an attempt to extort 500 BTC (~ $ 24 million at the time of writing).

 

Tether said that an unknown person threatened to publish documents that could “harm the Bitcoin ecosystem.”

“We are not paying,” – the message says.

The company representatives also added that a fake correspondence between their employee and the Deltec bank, which holds Tether’s assets, appeared on the network. The content of the letters calls into question the full provision of stablecoins with reserves.

“We have reported fake messages and ransom demands to law enforcement,” noted Tether.

In January 2021, Bahamas-based Deltec announced that the stablecoin was fully backed by fiat reserves.

At the time of writing, USDT has a market cap of $ 35.2 billion, according to CoinGecko. According to this indicator, the asset is inferior to Cardano, Ethereum, and Bitcoin.

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