Cryptocurrency exchanges OKEx & Bitfinex are going through a strange phase of multiple distributed denial-of-service attacks (DDoS). The connection of both the attacks isn’t yet cleared, though the representatives from both the crypto exchanges mentioned that the situation is under control and until now no user is impacted.
The Denial-of-service attack (DDoS) is a cyber-attack that occurs when the committer tries to make the service disruptive or the network resource unavailable to the intended users or the customers of that platform connected to the internet for an open-ended time frame which depends on the malicious work.
The exchanges are suffering this major issue from the past 24hours, due to the malicious attacks which disrupted the websites normal traffic badly.
The 1st attack on OKEx service occurred on 27th Feb at approximately 11:30 AM EST and around 4:30 AM EST on Feb. 28, the denial-of-service attack (DDoS) resumed.
The 2nd attack on OKEx occurred on Feb 28th around 5:30 AM EST and temporarily disabled the options and futures trading services on the platform.
After these consecutive incidents, the series of tweets are exchanging words and various comments are arising and started the blame game.
The CEO of OKEx, Jay Hao, on his page of the famous Chinese social media platform Weibo posted a remark blaming the competitors against this mischievous act who had tried to harm the reputation of OKEx, without mentioning the specific name.
As far as the parameter of the attack is concerned it is mentioned that the attack was transmitted as 200 gigabytes per second of traffic, which exerted the operations of the OKEx platform.
However, Ho while tweeting on Twitter, cooled down the situation so far and informed the users & communities that DDOS attack has been detected from the site including yesterday’s effort of detecting 200G and today’s labor of 400G.
Ho said, “Be assured, OKEx is well-prepared to deal with these attacks, we have and will always protect our users no matter what.”
BitFinex Hit by DDoS Attack
On Feb. 28, cryptocurrency exchange Bitfinex also became a target of a DDoS attack. The incident occurred when the OKEx attack was resumed at approximately 4:30 AM EST. Bitfinex attack lasted for an hour until 5:30 AM EST.
The CTO of Bitfinex, Paolo Ardoino showed his stance and mentioned the attack “very sophisticated,” which had planted after “deep preparation” by the attacker.
However, the official Twitter account of Bitfinex informed that that attack has been detected and the services have resumed. The team has also implemented the stricter protection level to avoid any further DDoS attacks on the platform.
Further, Ardoino assured that during the restored attack all the funds are safe and correspondingly the high-trading-performance is entirely re-established.
Though, the services on both the crypto exchanges have been resumed. Allegedly, both platforms are normally working because of team efforts. However, the similarities between the two have yet to be cleared.
As the crypto industry is mushrooming and hackers are learning the new strategies, to harm other exchanges in more a sophisticated way there are probabilities that the users/customers/investors may come across similar situations in the impending time.