DDoS attacks take Bitfinex exchange down

Wednesday 6 December 2017 11:48 CET | News

Bitfinex platform was under distributed denial-of-service attacks (DDoS) that attempted to paralyze its system with a flood of information.

The Hong Kong-based Bitcoin exchange Bitfinex saw a spike in traffic on December, 4 and the number of connections attempting to reach the website was enough to temporarily disrupt its activity. On the same day Bitfinex stated on their Twitter page that its website was under a massive DDoS attack, which managed to take it down, according to Finance Magnates.

That problem was resolved within an hour, and the exchange said that despite the ongoing attack, the users are now able to use the platform normally. Hackers use cyberattacks mainly to manipulate the cryptocurrency prices. Since the price of the digital currencies is set by several exchanges around the world, shutting off an exchange temporarily could allow attackers to find arbitrage opportunities, i.e. to take advantage of price differences, the online publication continues.

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Keywords: Bitfinex, DDoS attack, Bitcoin, cryptocurrency, Hong Kong, security, crypto, online security
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies