Tech

Tether CEO Unveils Server-Free Password Manager After 16B Record Breach

14 hours ago
Bitcoin Ethereum News
  • Paolo Ardoino, Tether’s CEO, has announced the launch of Pearpass, a tool designed to keep passwords on a user’s device.
  • This is an act of caution after a breach exposed 16 billion online login credentials that affected Google, Apple, and Facebook.

Paolo Ardoino, Tether’s CEO and former CTO of Bitfinex, has announced that Pearpass is getting ready to launch. He stated, “The cloud has failed us. Again. 16 billion passwords just leaked. It’s time to ditch the cloud. A fully local, open-source password manager. No cloud. No servers. No leaks. Ever. Just you and your keys, stored securely on your devices.” His call for PearPass reflects Tether’s new direction: building infrastructure that protects users and empowers communities.

PearPass is a kind of password manager, one that skips the cloud entirely. Unlike popular options like LastPass or 1Password, PearPass runs fully offline and entirely on your own device. That means your passwords are encrypted and stored locally, without being synced to any centralized server.

No cloud means no middleman, and more importantly, no massive server-side hacks or data leaks. It’s being built as open-source software too, so anyone can audit or improve it. The goal is simple: put users back in full control of their data. While PearPass is still in development and doesn’t have a release date yet, it’s shaping up to be an answer to today’s growing privacy concerns.

For context, cybersecurity researchers stumbled upon a trove of stolen login information, over 16 billion credentials exposed on Thursday. This included usernames, passwords, and URLs tied to major platforms like Apple, Telegram, GitHub, government portals, Google, and Facebook. The leaked data wasn’t from a single breach, but rather pieced together from 30 separate databases, each containing around 3.5 billion records.

The exposure didn’t last long, just enough time for researchers to detect it, but not long enough to trace who uploaded it. Still, the implications are serious. Online security experts are calling it a “blueprint for mass exploitation,” warning that the scale and freshness of this leak could fuel a wave of cyberattacks, from phishing scams to identity theft.

Tether’s Track Record

Also, Tether recently received praise from the U.S. Department of Justice (DOJ) for playing a key role in an operation. The case involved the seizure of approximately $225 million in USDT connected to a global “pig butchering” scam, a large-scale fraud operation that used advanced crypto tactics to trick and defraud victims. Authorities reported that the scam affected at least 400 people across the world.

Thanks to Tether’s cooperation and the use of blockchain tracing tools, the stolen funds were successfully frozen, preventing further misuse. Tether worked hand-in-hand with law enforcement agencies throughout the process, marking a rare but impactful example of public-private collaboration in the fight against crypto-related crime.

In another efforts that display Tether’s dedication to security, in March, Tether partnered with the United States Secret Service (USSS) in an enforcement operation. As we reported, this led to the freezing of approximately $23 million in USDT, all tied to the sanctions-hit Russian exchange Garantex. Garantex, founded in 2019 and once registered in Estonia, became a hub for sanctions evasion, darknet marketplaces, ransomware gangs like Conti and Hydra, and even direct links to Russian sanctioned banks.

Source: https://www.crypto-news-flash.com/tether-ceo-unveils-server-free-password-manager-after-16b-record-breach/