Tether CEO launches PearPass to address the record-breaking $16 billion password leak incident.

According to Gate News bot, as reported by CryptoSlate, after an unprecedented leak of 16 billion passwords, Tether CEO Paolo Ardoino announced the launch of a new Open Source password manager called PearPass. Experts claim this leak is the largest credential leak event in history.

Ardoino wrote: "The cloud has disappointed us once again, with 16 billion passwords just leaked. It's time to abandon the cloud."

He promised that PearPass would operate completely offline, without relying on servers or centralized storage, and that users' keys and credentials would be securely stored only on personal devices. Reports indicate that the leaked data includes account login information from major platforms such as Apple, Meta, and Google, exposing billions of users to potential unauthorized access, fraud, and identity theft risks.

Cybersecurity analysts have not yet identified the mastermind behind the incident, but they stated that the event highlights the ongoing vulnerabilities in cloud services when handling large-scale personal data.

Ardoino's PearPass project aims to directly address this issue: the tool will be fully local-first, Open Source, and able to withstand large-scale hacking attacks typically aimed at large password vaults stored on company servers.

Early previews show that PearPass will allow users to generate, store, and manage strong passwords without having to sync data to the internet. This model has long been recognized by privacy advocates but has yet to gain mainstream adoption.

Industry security experts warn that if users do not update their passwords immediately, the consequences of the leak could be severe.

Attackers often bundle stolen credentials together for automated "credential stuffing" attacks, which involve testing leaked usernames and passwords on a large scale across banking, email, and social media accounts to hijack other services. The major tech companies affected by this attack have not yet issued official statements or disclosed the extent of the attack.

At the same time, cybersecurity agencies recommend that all users enable multi-factor authentication, monitor for suspicious activity in their accounts, and avoid reusing passwords across multiple sites.

As the investigation continues, Ardoino announced the launch of PearPass, reigniting calls for more robust personal data ownership and decentralized security solutions that help mitigate the impact of future large-scale data breaches. PearPass is expected to be officially released in the coming months.