Attacks on Cryptocurrency Exchanges Continue – Bitfinex DDoS-ed

Bitcoin, the dad of cryptocurrencies

The world’s largest cryptocurrency exchange, Bitfinex, has reported learning to be a victim of any distributed denial of service (DDoS) attack. The?attack generated the service being unavailable temporarily, frustrating traders as they come up with profits with the volatile price surges and dips gone through bitcoin and other cryptocurrencies.

The company tweeted earlier today?it was under heavy DDoS attack and reported it\’s application programming interface had also been down.

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We are still under heavy DDOS. API is down. We are concentrating on further mitigation.

— Bitfinex (@bitfinex) December 12, 2017

 

This the 2nd period in per week which the exchange has reported a DDoS attack. A while back, the organization had said?not wearing running shoes “may be under significant denial-of-service attack in the past a couple of days,” along with the attack worsened on December 7. Today, the provider said it started experiencing and enjoying the DDoS attack around 9:45 am ET.

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In previous reports, security researchers had says it’s besides the criminals who will be endeavoring to leverage the newfound demand for cryptocurrency, but the industry itself is using these attacks to look at down competition or manipulate prices.

Considering its volume and recognition, Bitfinex?has stayed in the center of controversies with many accusing it of shady business practices.?Only last month, when cryptocurrency startup Tether (which reportedly shares common ownership with Bitfinex) alleged that hackers stole $31 million from the startup, reports had just as before pointed to the?“long-standing allegations the exchange have been when using the focal point in participate in fraud and market manipulation.” The $72 million hack of Bitfinex during the past year had also been accused of being an inside job.

With numerous controversies going swimming, the company can have easily attracted attention of criminals or affected victims. And then, you will always find those rumors why these DDoS attacks are launched by way of the company itself or its competitors to manipulate coin prices since traders are essentially at the standstill and can’t purchase or sell their cryptocurrency. Although many point to these attacks as inside jobs, it must be noted that?bitcoin exchanges use a long status for being attacked. Because value and popularity grows, they are going to become more at risk of targeted attacks.?

Coinbase service was down earlier today. However, the organization claimed it was caused by site maintenance.

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