Security News > 2021 > March > Tether cryptocurrency firm says docs in $24 million ransom are 'forged'
USDT cryptocurrency developer Tether has said they are being extorted by threat actors who are demanding 500 bitcoins, or approximately $24 million, not to leak allegedly stolen emails and documents.
While Tether has stated that the documents circulating online are forged, they revealed yesterday that they received a ransom note demanding 500 bitcoins or this alleged data dump will be publicly released online.
"It is unclear whether this is a basic extortion scheme like those directed at other crypto companies or people looking to undermine Tether and the crypto community as a whole. Either way, those seeking to harm Tether are getting increasingly desperate."
"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," Tether disclosed in a Twitter thread. While it is unknown if these documents are legitimate, Tether has its share of controversy over the past few years.
Tether's USDT cryptocurrency is known as a StableCoin, which are supposed to be backed on a 1:1 basis with the US dollar.
In 2018, the New York Attorney General's office began investigating Tether regardings its claim that the US dollar backed their coin and for its movement of hundreds of millions between the iFinex-owned Bitfinex exchange.