Bitfinex Cyber-Attacked, Resumes Services After Two Hours
Cyber attacks on Exchanges have been on the rise since cryptocurrencies have soared in value and volume. There is always an attempt to steal or manipulate these nascent valuable assets. Bitfinex which has previously been under similar attacks in past, experienced one today bring the exchange operations to a halt.
Exchange halt and DDoS
According to its status update page of BitFinex, the exchange shut on Tuesday at 6.47 am ETC (10.47 Am UTC) after it experienced problems with its trading engine. After being down for nearly two hours the exchange operations were back to normal and the exchange sighted that the issues were with its infrastructure providers.
Following normal operations, for around 30 mins the exchange reported that it was under extreme load and it seemed there was a Distributed Denial of Service (DDoS) attack launched as soon as the exchange came live. To explain A Distributed Denial of Service (DDoS) attack is an attempt to make an online service unavailable by overwhelming it with traffic from multiple sources.
It took the exchange almost three hours get the operations normal and running.
Also, read: Biggest Crypto Exchanges’ Race to Blockchain Startups, HT & BNB Coin Big Gainers
Bitfinex – A favorite among hackers
Bitfinex being one of the largest exchanges seems to be the preferred choice for hackers and cyber attackers. This isn’t the first time the exchange has faced an issue of cyber attacking. In May 2015 a hack resulted in the exchange been theft of 1500 bitcoins. In 2016 the hackers again stole Bitfinex with USD 72 million worth of bitcoins. This would be close to 120000 bitcoins. In December 2017, a flash crash left its customers raising questions on the exchange.
Although after every attack the company has tightened security protocols to avoid such mishap a loophole has always been exploited by the attackers. It due in time that the exchange actually beefs up its strategy on securing the exchange from such attacks.
Do you think Bitfinex can actually find answers to these attacks? Do let us know your views on the same
- Ripple Eyes Tokenization and Stablecoins in XRP Ledger Institutional DeFi Roadmap
- UK and US Announce Joint Task force to Boost Collaboration on Crypto Regulation
- Deutsche Bank Predicts Central Banks Could Adopt Bitcoin Alongside Gold by 2030
- Bitget’s Universal Exchange Merges Crypto, Stocks, and RWAs To Offer Global Market Access
- PancakeSwap Launches Crosschain Swaps on Solana Amid Aster DEX Competition
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
