Popular crypto exchanges, Bitfinex and OKEx, have reported DDoS attacks on their systems in the last 24 hours as the price of Bitcoin continues to struggle at around $8,700.
February 28, 2020 | AtoZ Markets – Two cryptocurrency exchanges – Bitfinex and OKEx – are experiencing Distributed Denial-of-Service (DDoS) attacks recently. OKEx announced the attacks on Weibo while Bitfinex took Twitter to make the news public.
We are investigating what seems like a distributed denial-of-service (DDoS) attack. We will keep everyone updated on here and our status page https://t.co/u3pYCVVGQq as we know more.— Bitfinex (@bitfinex) February 28, 2020
The attacks targeted Bitfinex around 9:20 am (UTC), but the exchange has already resolved the matter and resumed its services.
“Services on the Bitfinex platform have resumed. We implemented a stricter protection level as a result of our platform coming under a Distributed Denial-of-Service (DDoS) attack. All issues relating to the DDoS attack have now been resolved,” the exchange noted.
OKEx crypto exchange suffers DDoS attack
OKEx, on the other hand, experienced the attack last night. The support team of the exchange was quick enough to detect the attacks and also resolved the issue. Moreover, no OKEx clients were affected by the attack
“Competitive products and technologies can’t compete with OKEx, so they bought DDoS at night to attack Kazakhstan,” OKEx CEO Jay Hao noted (a rough translation from Mandarin to English) on Weibo. “It doesn’t matter, OKEx Global Technology Department is on duty 24 hours a day, and completes the anti-D traffic switching in minutes. In addition, this large-scale DDoS attack and alarm processing, don’t get too frustrated.”
What is a DDoS attack?
In a DDoS attack, malicious people attempt to thwart the traffic of a server by driving an abundance of internet traffic through the server or the surrounding infrastructure. In such an attack, compromised computers, computer systems or Internet of Things (IoT) devices are often used as the source of traffic.
Hao is also hinting that the attack was orchestrated by his competition.
“Don’t be too furious when someone from a friend ’s technology department buys a DDoS attack. It ’s easy to trace the source of such a large amount of traffic. Don’t regret it when the police came home suddenly,” he added.
Bitcoin price continues the downtrend
In any case, all of this happens as Bitcoin struggles at the $8,700 level. The bulls attempted to break above $9,000 overnight but they failed.
It’s interesting to see whether or not the recent temporary shut-downs are going to have any consequences. Moreover, it’s essential to understand whether the scale of the purported DDoS attack on Bitfinex is large and if it would cause serious problems.
What do you think about the Bifinex and OKEx DDoS attacks? Let us know in the comment section below.