Claim $500Solana (SOL) faces another potential DDoS attack; network goes down
Solana (SOL), the fifth-largest cryptocurrency by market cap and one of the biggest gainers in 2021 has reportedly faced another distributed denial-of-service (DDoS) attack. A DDoS attack usually sends multiple requests to the attacked web resource – to exceed the platform’s capacity to handle multiple requests… and prevent the platform from functioning correctly.
The Solana network reportedly went down again marking the third incident of its kind over the past six months. The downtime started earlier this morning and the network went up again at around 7 o’clock (UTC+8) and currently functioning normally.
It was fixed after 7 o'clock (UTC+8) and returned to normal.
— Wu Blockchain (@WuBlockchain) January 4, 2022
The growing number of DDoS attacks on the SOL network is believed to originate from fundamental flaws in its blockchain. A Grayscale security report from December 2021 highlighted that SOL uses a new blockchain technology that is not widely used, and may not function as intended. There may be flaws in the cryptography underlying the network, including flaws that affect the functionality of the SOL Network or make the network vulnerable to attack.
Can Solana overcome the technical flaws?
The Solana network first went down for more than 24-hours and even after multiple attempts to fix it, the developers had to eventually restart the network. While the core team of Solana has played down these attacks, the community thinks Solana needs to work on the fundamental flaws. The altcoin had a phenomenal 2021 despite minor ups and downs, but a potential DDoS attack at the start of the year again highlighted that the network is still vulnerable.
SOL reached a new all-time high of $260 in November this year and is currently down by 35% from the top. The altcoin is currently trading at $167 with a 3% decline over the past 24-hours. The current downtrend in Solana’s price is a result of the overall bearish market and the DDoS attack seems to have had little impact until now.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
