Bitcoin Exchange OKCoin's Statement After July DDOS Attacks
Last week, bitcoin exchange OKCoin suffered a DDOS (distributed denial of service) attack, preventing users from accessing the platform for a while. On the afternoon of the attack, the company's significant resources capable of defending against such attacks were able to limit the impact on the Chinese platform's K-line. However, another stronger attack was made later on in the same day, leading the tech team to immediately set in motion the emergency response plan of switching to a highly secure server and enacting counter CC attack measures. This took some time to take effect so some....
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OKCoin's defense system was put the test on July 10 when a distributed denial of service (DDOS) attack prevented some users from accessing its platform from 17:00 to 17:19. Xin Chen, chief financial architect at OKCoin, told CCN the attackers wanted to influence the bitcoin price, which they succeeded in doing for the short term. "There is an impact on the short-term price of bitcoin from the attacks," Xin Chen said. "The attacks were simultaneously carried on OKCoin, Huobi, Bitfinex and perhaps others. It costs resources to carry out a DDOS attack and it is likely in our estimation that....
Following the July 10 DDOS and CC attacks at OKCoin, the topic of socialized losses and the negative impact they have on trader’s accounts has come to light again. On Friday, OKCoin announced a 55% socialized loss on the futures contract for Litecoin. Last year BitVC suffered losses of 47% — and quite a backlash as a result. Generally these incidents occur because of the massive speed and volatility of the price dump. A “system loss” results, caused by high leverage and low liquidity. It’s important to note liquidations are not market orders. So when the price moves excessively and the....
Cryptsy, a Belize-based cryptocurrency and bitcoin derivatives exchange has been suffering from a series of extreme denial of service (DDoS) attacks, that have effectively disabled the site and bitcoin wallets since November 22. "Due to a server failure all wallets are paused. Will have them back online as quickly as possible. Website offline due to denial of service attack. We are working to mitigate," announced the Cryptsy team. Over the past few weeks, prominent bitcoin exchanges and payment processing platform including Kraken and OKCoin have been targeted with DDoS attacks of similar....
Secure mail service provider ProtonMail has again come under renewed DDoS attack and the email service has gone offline inconveniencing its users. This is yet another high-profile case involving Bitcoin ransom which has come to light! The mail service was created to ensure the safety and privacy of the users but in a rather unusual event it is now facing an unprecedented challenge as it came under sustained and aggressive DDoS attacks which began on November 3rd, 2015. In a statement titled DDoS Update it even requested experts to help in the following words: "If you or someone you know....
AntPool, BW.com, NiceHash, CKPool and GHash.io are among a number of bitcoin mining pools and operations that have been hit by distributed denial-of-service (DDOS) attacks in recent days. The incidents appear to have begun in the first week of March. For example, on 11th March, AntPool owner Bitmain sent an email to customers disclosing the DDOS attacks and advising external pool users to set up failsafe pools in the event of an outage. According to many of the companies affected by the incidents, those behind the attacks demanded payment in bitcoin in return for stopping the attacks.....