World’s Biggest Bitcoin Exchange Bitfinex reports DDoS attacks

While cryptocurrencies’ valuations are on the rise, so is the cryptocurrency cybercrime. In the latest news, the world’ss biggest Bitcoin Exchange Bitfinex reports DDoS attacks. How this affected traders?

13 December, AtoZForex Cryptocurrency exchange operators Bitfinex and Coinbase have been reporting issues with services via their websites yesterday. As a result, traders that have planned to cash out on the last surge in the price of Bitcoin and other altcoins felt frustrated.

World’s Biggest Bitcoin Exchange Bitfinex reports DDoS attacks

Early Tuesday US time, the website of Coinbase has been displaying message “service unavailable”. The message has been stating that the website was down due to maintenance. Yet, its exchange was reportedly still quoting prices, even though it has also reported a “minor service outage”.

Another cryptocurrency exchange, Bitfinex, has informed the public that it has been under the heavy distributed denial of service (DDoS) via Tweet. The application programming interface of Bitfinex was down.

In the point of fact, DDoS attacks are something common these days in the internet community. The fraudsters are using hijacked and virus-infected computers to target websites until they can no longer handle the scale of requested data.

However, it was not immediately certain if both the issues on the cryptocurrency exchanges were related to cyberattacks.

Cryptocurrency cybercrime is on the rise

Last Thursday, Bitfinex has tweeted that it has been experiencing significant denial of service attack for several days. The exchange representatives have also stated that the attack had recently aggravated.

As a whole, Bitcoin exchanges are wallets have a long history of hacker attacks. In the meantime, security experts believe that they have become even more vulnerable to the cyber crime as the values of cryptocurrencies rise.

As a matter of fact, there have been at minimum three dozen attacks on exchanges that trade cryptocurrencies since 2011. This number includes the great collapse of Mt.Gox in 2014, which has been once the world biggest Bitcoin market.

One of the latest cryptocurrency exchanges attacks came last Thursday. NiceHash, Slovenian cryptocurrency mining marketplace, reported a loss of about $64 million worth of Bitcoin. The hackers have attacked its payment system.

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