Tether CEO Paolo Ardoino announced a new open-source password manager, PearPass, after an unprecedented 16 billion passwords were leaked in what experts now call the largest credential breach ever recorded.

Ardoino wrote:

“The cloud has failed us. Again. 16 billion passwords just leaked. It’s time to ditch the cloud.”

He pledged that PearPass will work entirely offline with no reliance on servers or centralized storage, keeping users’ keys and credentials secured only on their personal devices.

According to reports, the leaked data includes login information for accounts across major platforms such as Apple, Meta, and Google, exposing billions of users to potential unauthorized access, fraud, and identity theft.

Cybersecurity analysts have not yet determined who is behind the breach but say the incident highlights persistent weaknesses in how cloud-based services handle personal data at scale.

Ardoino’s PearPass project aims to address that problem directly: the tool will be fully local-first, open-source and resistant to mass hacking attempts that typically target large password vaults stored on corporate servers.

Early previews suggest that PearPass will allow users to generate, store, and manage strong passwords without ever syncing data to the internet, a model that privacy advocates have long endorsed but has yet to gain mainstream adoption.

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

Attackers often bundle stolen credentials for use in automated “credential stuffing” attacks, where leaked usernames and passwords are tested en masse across banking, email, and social media accounts to hijack additional services.

Major tech companies affected by the breach have not released official statements or disclosed the extent of the compromise.

Meanwhile, cybersecurity agencies recommend that all users enable multi-factor authentication, monitor accounts for suspicious activity, and avoid reusing passwords across multiple sites.

As investigations continue, Ardoino’s PearPass announcement has sparked renewed calls for better personal data ownership and decentralized security solutions, which could help reduce the impact of future large-scale breaches. PearPass is expected to launch publicly in the coming months.

The post Tether CEO Paolo Ardoino unveils PearPass as response to record 16 billion password leak appeared first on CryptoSlate.

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Filed under: Bitcoin - @ June 19, 2025 6:23 pm