Tether Confirmed Its Website Was Targeted In DDoS Attack: Report

Tether confirms its website was targeted in a DDOS attack and turned on its “Under attack mode” after receiving a 400,000% increase in requests so let’s read more today in our latest Tether news.

CTO Paolo Ardoino and Tether confirmed its website was attacked in a DDoS attack and the number of requests for the website increased from 2000 to 8,000,000 every five minutes on Saturday morning. Ardoino confirmed that the attack was mitigated but they are leaving the attack mode to mitigate further risks. According to the CTO, the additional security move will not affect the ability to redeem as per the CTO.

The “under attack mode” is a feature of the Cloudflare DNS management service which protects websites from attacks by forcing users to complete additional steps and access the website.
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For the users seeing the website via a standard web browser, this will result in a few-second delay for making requests on the website from an outside browser.

The methods will fail the challenge requests and will get kicked before reaching the server. Cloudflare is able to handle the excess demand and leave the website free to perform tasks as usual. Ardoino confirmed that the reason for the issue was that it takes some time for the auto-scale to adjust and in this, he referred to the ability of the server behind the website to scale resources and cope with the increase in demand. Paolo joked on Twitter that it will be a long weekend ahead but surely he wasn’t expecting an attack on the Tether website.

As recently reported, Tether, the company behind the USDT stablecoin dismantled rumors about the Asian Commercial Paper backing and more. The downturn in the markets continued but Tether one of the biggest players in the marekt debunked some of the rumors. The company is aware of these rumors being spread that its commercial paper portfolio is 85% backed by hte Chinese or Asian commercial papers and was traded at a 30% discount. The rumors are false and will likely continue spreading and induce further panic to generate more profit from the currently stressed market.

Following this, the commercial papers that expire will be rolled into US Treasuries with a short maturity. Another thing is that Tether has zero exposure to Celsius apart from a small investment made out of the Tether equity in the company.