Tether Receives Ransom Note Demanding 500 BTC Worth $22 Million

Sahaj  |  Mar 1, 2021

USDT stablecoin issuer Tether recently claimed to have received a ransom note asking for 500 BTC, which is currently worth $22 million. The alleged attempt of extortion was revealed by Tether in a tweet that was shared by the firm on Sunday.

Tether Receives Ransome Note Asking for 500 BTC

In the tweet shared by Tether, it was mentioned that this attempt of extortion is pretty sad. It was revealed that the firm is taking the ransom note seriously and is on the track of taking legal actions.

They tweeted:

“While we believe this is a pretty sad attempt at a shakedown, we take it seriously. We have reported the forged communications and the associated ransom demand to law enforcement. As always, we will fully support law enforcement in an investigation of this extortion scheme.”

Despite the controversies created by cryptocurrency, it has a significant role to play in the crypto market. USDT token, issued by Tether is used by exchanges, traders, and even throughout the crypto economy which gives it systematic importance.

The market capitalization of the controversial cryptocurrency Tether surged to $34 billion from $2 billion last year along with the huge rise in the price of  BTC. Along with this, Tether claiming that every USDT issued by the cryptocurrency is backed by dollars or dollars equivalents has become a point of conflict among crypto-skeptics.

The legitimacy of the Tweets

An email thread has recently circulated online between the representatives for Deltec and a Tether employee. Also, the Bahamanian bank’s statement to hold USDT reserves reignited the doubts and questions about Tether’s backing.

However, the mails have not been verified and even Tether has denied the legitimacy in the same Twitter thread in which they made an announcement of the extortion attempt. Any representatives of the crypto company have not commented on the same till now.

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