Tether cryptocurrency firm hit by extortion demand
Blockchain and cryptocurrency firm Tether has revealed that a threat actor has demanded a 500 Bitcoin ransom to stop them from leaking documents online. The attackers claim that the stolen documents could be a threat to the Bitcoin ecosystem, and have given Tether a payment deadline of 1 March. The company has stated that it will not be paying.
The Cryptocurrency industry has been on rocketing ascendance recently and consequently becoming a target of high interest for cyber criminals. Given the high value of digital assets they store and manage for their clients crypto-currency companies are often perceived to be ripe pickings for cyber extorsion. Tether’s market value increased by 144% since July 2020, and its market cap is between $9.1 and $10.1 billion; as such, this ransom would not be seen as unfeasible in the eyes of the threat actors. (source)