How DDoS attacks affect Bitcoin Exchanges
Dec 08, 2017 Posted / 16456 Views
Bitcoin is breaking all the records, hitting all-time high with a worth of $16,000. This lead to gaining of additional faith in the decentralized digital currency, causing huge strains on exchanges and servers. Nonetheless, if network congestion, clogging of payments, and an influx of the users, were not sufficient issues to deal with, the cryptocurrency exchanges around the world are now facing a new threat from the DDoS attacks.
DDoS can be defined as a distributed denial-of-service attack. It is a continual affair in which a single target (like one IP address or domain) is attacked constantly. Each attack is followed by a quiet period, which has a duration of at least 60 minutes or more in which rest is taken, after that the attack is repeated. Some reports suggest that the length of the quiet period defines the threshold of the next attack.
DDoS attacks can be of two types: - first are network layer attacks, which can bring network saturation by overwhelming a lot of the available bandwidth. Second are application layer attacks, which can cause the server to go down by overriding much of its processing resources. Here the cyber attack disrupts the service of the service provider by inundating the server with countless requests. These are mostly supported by the DDoS botnets. These bots typically impersonate as human visitors and bypass the security.
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A cloud-based service provider called Imperva Incapsula published a highly widespread report called “Q3 2017 Global DDoS Threat Landscape”. The report was established by the data from 3,920-network layer and 1,775 application layer attacks. The data was taken from the websites using Imperva’s services from July 1, 2017, to September 30, 2017. The report acknowledged that the digital currency industry is battling with the constant threat of these cyber attacks so much so that every fourth bitcoin website is experiencing it. The report has disclosed that apart from the cryptocurrency platforms, there are other industries like online gaming, gaming operators, ISPs etc. that are currently facing DDoS attacks.
Apart from the systematic damages, the timing of these attacks is the actual reason for worry. Bitcoin surges finally made the dream of mass adoption seem real as its bull run leads to the increase in the demand for the virtual currency. In this period while exchanges were preparing themselves to handle the network jamming and increased traffic, concurrently they needed to outline a plan for stabilizing and bearing with the cyber attacks.
Also, in October this year, the bitcoin hard fork Bitcoin Gold saw a major DDoS attack, which distressed its launch. Over 10 million requests a minute were rendered and made their website inaccessible. However, we should not forget that these currencies are built on the blockchain technology, which can be the exact answer for curbing these attacks.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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