Tether confirms DDOS attack on tether.io

The Tether website has to turn on "under attack mode" as it receives 400,000% increase in requests via DDOS attack. Tether CTO, Paolo Ardoino, has confirmed that the Tether website, tether.io, is currently suffering a DDOS attack. The number of requests for the website increased from 2,000 to 8,000,000 every five minutes early on Saturday morning, June 18. Ardoino confirmed that the “attack is now mitigated,” but they are “leaving the ‘I’m under attack mode’ enabled” to mitigate further risk. According to the Tether CTO, the additional security move “won’t affect the ability of redeeming,” according to the Tether CTO. Under attack mode “I’m under attack mode” is a feature of Cloudflare’s DNS management service that protects websites from DDOS attacks by forcing users to complete an additional step to access the website. For human users viewing the website through a standard web browser, this results in a few-second delay while the browser completes a javascript challenge. If the browser cannot complete the challenge, then the user may be required to complete a captcha to get to the website. However, DDOS attacks are often conducted using remote servers making requests on the website from outside of a browser. These methods will fail the challenge request and thus get kicked before even reaching the server. Here, Cloudflare handles all the excess demand leaving the website free to perform tasks as usual. Ardoino also confirmed that the reason for the issue was that “it takes a bit of time for the auto-scale to adjust.” In this, he refers to the ability of the server behind the website to scale up resources to cope with the unexpected increase in demand. Earlier on Saturday, Paolo tweeted, “It will be a long weekend,” but it is unlikely he expected it to be due to an attack on Tether’s website. Tether claps back at rumors surrounding its commercial paper portfolio Tether stated that commercial papers constitute less than 25% of USDT’s backing, adding that it does not have lending exposures to Celsius and Three Arrows Capital. Tether has released a statement to counter reports making rounds about its commercial paper portfolio. The rumors claimed that Chinese or Asian commercial papers made up 85% of the firm’s commercial paper portfolio and were being traded at a 30% discount. In the June 15 statement, the firm said “These rumors are completely false and likely spread to induce further panic in order to generate additional profits from an already stressed market. Tether condemns such attempts which oftentimes see simple users take the biggest hit, while few coordinated funds increase their profits.” Tether’s commercial paper portfolio The stablecoin issuer referenced its latest assurance opinion as proof of what its reserves consist of, noting that over 47% of total USDT reserves are now US Treasuries and that commercial paper makes up less than 25% of USDT’s backing. Regarding its commercial paper portfolio, the company said: “Tether can report that its current portfolio of commercial paper has since been further reduced to 11 billion (from 20 billion at the end of Q1 2022) and will be 8.4 billion by the end of June 2022. This will gradually decrease to zero without any incurrences of losses. All commercial papers are expiring and will be rolled into US Treasuries with a short maturity.” The company also disputed claims that it had lending exposures to Celsius and Three Arrows Capital, deeming such rumors “categorically false.” The stablecoin last year raised concerns after it announced that it had bought a large amount of commercial paper. However, it didn’t disclose the names or the location companies from which it acquired the paper. Continued crypto winter The crypto winter has hit Tether’s USDT, the biggest USD-pegged stablecoin. It temporarily depegged on Monday but has now risen to $1.00, data from CoinGecko reveals. Tron’s algorithmic stablecoin USDD, unlike the USDT, has remained depegged since Monday. Other stablecoins such as Binance USD, TUSD, and USDN also experienced similar changes in price as the extreme sell-off continued in the crypto market. MORE : Cryptocurrency Price Prediction https://www.facebook.com/newsinfocryptocurrency/ https://twitter.com/ahlinyakripto cryptocurrency, bitcoin, ethereum, crypto, mining, trading, sec, bulrun, bearish, wallet, prediction, crypto news #cryptocurrency #bitcoin #ethereum #crypto #mining #trading #prediction Disclaimer: I am not a financial advisor. Do your own research. Consult a professional investment advisor before making any investment decisions! GET YOUR CRYTO HERE https://bit.ly/3rHj8qj GET FREE BTCs https://bit.ly/3N2IkiL