Passwords linked to accounts with Apple, Facebook, and Google as well as government services and other social media platforms are among a “colossal" data breach, according to researchers.

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“This is not just a leak—it’s a blueprint for mass exploitation," experts with Cybernews wrote. “With over 16 billion login records exposed, cybercriminals now have unprecedented access to personal credentials that can be used for account takeover, identity theft, and highly targeted phishing.”

The hack, which has been claimed to be the biggest ever and was earlier reported by Forbes writer Davey Winder, has led to the chief executive of major crypto company Tether declaring it’s “time to move beyond storing passwords in the cloud.”

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Paolo Ardoino, the chief executive of dominant USDT stablecoin issuer Tether, has said the company will release a password manager called PearPass.

"The cloud has failed us. Again," Ardoino posted to X alongside an ad for PearPass that pitches it as a "fully local, open-source" app, adding: “It’s time to ditch the cloud.”

Hacks and data breaches, which can lead to phishing attempts, are a major concern for crypto companies that are trusted to look after users’ digital assets.

A recent high-profile spate of physical attacks on bitcoin and crypto holders has escalated demand for services that keep user data secret.

Replacing cloud-based security with passwords and encryption keys stored on a user’s device means hacks on centralized services are less likely to put user data or personal information like emails, phone numbers or home addresses at risk.

Tether—which has boasted it made $13 billion in profit last year, mostly from the interest earned on the funds it uses to back its $155 billion stablecoin—is scrambling to diversify its business as looming U.S. stablecoin regulation is expected to open up the market to tech companies, Wall Street giants and even retailers like Walmart.

Tether's biggest rival Circle has seen its freshly IPO-ed stock price surge this week following the passage of the Genius Act stablecoin bill by the U.S. Senate, cheered by U.S. president Donald Trump.

In an interview with influencer Anthony Pompliano, Ardoino said this week he believes Tether is a $2 trillion business and also teased a new product that will be launched this year in an interview out Monday with Bankless.

"If we are living in a disaster scenario, we need to be able to have technology that works locally first," Ardoino told Pompliano.