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.
Trending Stories
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
- Institutional Traders Are Shorting Bitcoin At Record Pace, Here’s Why
- Lido Shut Down Terra Support, Starts bLUNA And stLUNA Withdrawal
- This Whale Adds 787 More Bitcoins As Price Struggles
- After Vauld Suspends Withdrawals, These Crypto Exchanges Could Be Next
- Cardano’s Vasil Upgrade Goes Live On Testnet; When Will It Be Lauching On Mainnet?
- How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance
- As BTC Plummets to $19,000, Elon Musk’s Tesla Reports $440 Million Impairment Losses
- British Army Regains Control Of Their Hacked Social Media Accounts Promoting Crypto Scams
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%