Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => USDT Forum => Topic started by: Jaephoenix on June 19, 2022, 12:30:53 AM
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News reaching us from Watcher Guru, a reliable crypto source of information, have stated that Tether(USDT), the biggest stable coin pegged to the USD is under a Ransom attack, obviously by some group of malicious individuals. They wanted payment or they would bring down the stable. Is this the end of the project, or a hiccup? Already USDT is trading at $0.987 right now
Remember it had a minor unpeg last week
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More specifically USDT was hacked from the Inverse Finance app. as i know, it's a DeFi platform and i'm sure hackers have access to smartcontracts, because DeFi is decentralized, it looks complicated to hack because hackers spent 900 ETH to exploit the network in order to find the loopholes.
https://www.coindesk.com/tech/2022/06/16/defi-protocol-inverse-finance-exploited-for-12m/
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It looks like the attack was unsuccessful since Tether is getting near to the peg now. Anyway, its a big lesson for us. Now stable coin is actually stable and may be under threat at any moment. USDD was claiming to be strong but was shaken by this bear market. Just like nothing is permanent in this life
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Today is 28th June and till now nothing wrong happens and there is no sign of any issue about to happen. Dev knows how to handle such things I believe nothing gonna wrong with Tether as it's a very trusted and top coin of the crypto market and many of the investors keep their funds in USDT without any fear. Tether will remain strong.
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People behind USDT or Tether should do everything they can to make sure everything is safe with its platform, otherwise this can be a big nail that can lead for the whole crypto industry to be hospitalized in the Crypto Winter General Hospital. Many people can be affected and the cost to the industry can be so huge...let's hope things will not go to the way of these evil hackers.
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I’ve heard alot of stuff about USDT and how there is supposedly whales gunning for it like Luna. ObviouslyI have no idea if it’s true but usdc the better route in my opinion. If Usdt goes down this will be biggest dump in crypto ever becauseost of user use Usdt for trading.
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I’ve heard alot of stuff about USDT and how there is supposedly whales gunning for it like Luna. ObviouslyI have no idea if it’s true but usdc the better route in my opinion. If Usdt goes down this will be biggest dump in crypto ever becauseost of user use Usdt for trading.
Concerns and discussions around stablecoins like USDT are not uncommon, especially given its central role in crypto trading. While USDT has been widely used, some users prefer alternatives like USDC due to perceived transparency and regulatory compliance.
Diversifying stablecoin holdings can indeed be a risk management strategy. If you have concerns about the stability or regulatory risks associated with one stablecoin, using multiple stablecoins or exploring alternatives can help mitigate potential impacts.
It's essential for users to stay informed, conduct thorough research on stablecoin issuers, and consider their risk tolerance when choosing which stablecoins to use for trading or other purposes. As the crypto market evolves, having a diversified approach can provide more resilience to unforeseen events.