Everything is going against stablecoins these days. Over the past 4-6 weeks, the 3rd largest stablecoin, UST, has gone down from $1 and lost in the dust. After that, many smaller stablecoins like USDD, MIM, DEI and many more lost their pegs. And now the largest stablecoin issuer, Tether, is facing a DDOS attack on its website. They saw a 400,000% increase in requests through the attack, and the website enabled “under attack mode.”
Tether faces a DDOS attack
The company’s chief technology officer, Paolo Ardoino, confirmed that Tether.io was under DDOS attack. They had almost 2000 requests every 5 minutes, which suddenly increased to 8 million requests on June 18th. Paolo has confirmed that the attack has been dealt with, but they keep the “I’m under attack” mode activated. This will avoid further mishaps. He also clarified that the safe mode will not affect the redemption of USDT tokens.
Handling DDOS Attacks with Underattack Mode
DDOS attacks take advantage of capacity restrictions of network resources, such as the infrastructure that supports a company’s website. During a DDoS attack, multiple requests are sent to the targeted web resource in order to overwhelm the capacity of the website and prevent it from working properly. Paolo said the servers need some time to automatically adjust, which was the root cause of the issue.
Therefore, Cloudfare’s DNS management service has an “I’m in attack mode”, which puts up a security wall before accessing the site. If you try to visit tether.io, your browser will check if you are human and only give you access to the site after that. And because DDOS attacks make requests to a site from remote servers, not a browser, they can’t access it.
Tether (USDT) is a stablecoin issued by Tether, a Hong Kong-based company that mimics the price of the US dollar. USDT is pegged to the US dollar by maintaining a reserve of commercial paper, reserve repurchase notes, cash, fiduciary deposits and treasury bills with a value in USD equal to the number of USDT in circulation.
What do you think as Tether faces a DDOS attack and the site goes into safe mode? And do you think a planned attack on stablecoins is happening? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.
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