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Cryptocurrency exchange CoinExchange has undergone DDOS attack Saturday Aug. 26. The attack was announced on their Twitter account early morning Saturday prompting concerns from its users.
Currently under DDOS attack.
— coinexchange.io (@CoinExchangeio) August 26, 2017
CoinExchange
CoinExchange is an online digital currency exchange which is focused on ease of use, security and customer support. According to its website, CoinExchange’s mission is to become a pillar in the online cyrptocurrency market place. Its initial priorities and goals are security, excellent customer support, website useability, long term support for added currencies, currency related asset markets, constant development and innovation.
DDOS attack resolved
Meanwhile, the attack didn’t last very long and was resolved shortly after. An hour after the attack, CoinExchange again took to their Twitter account to announce that the DDOS attack was already blocked.
DDOS attack blocked… For now. ??
— coinexchange.io (@CoinExchangeio) August 26, 2017
While some of the platform’s users expressed their relief about the announcement, some users were still unable to access their accounts.
Background on DDOS
DDoS is short for Distributed Denial of Service. It is a type of DOS attack where multiple compromised systems often infected with a Trojan, are used to target a single system causing a Denial of Service (DoS) attack. Victims of a DDoS attack consist of both the end targeted system and all systems maliciously used and controlled by the hacker in the distributed attack.
In a DDoS attack, the incoming traffic flooding the victim originates from many different sources which are potentially hundreds of thousands or more. This effectively makes it impossible to stop the attack simply by blocking a single IP address. During this period, it is quite difficult for most platforms to distinguish legitimate user traffic from attack traffic when spread across so many points of origin.
Such attacks are quite a common occurrence for most exchanges considering the transactions and wealth of information available for cybercriminals who may succeed at their attempt. In fact, more prominent exchanges such as GDAX, Kraken, Poloniex, Bitfinex and others have also had their share of DDOS attempts.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
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