- Bitfinex has been going through a rough patch of late, having been turned down temporarily on Friday due to a distributed denial-of-service (DDoS) attack.
- OkeX also suffered a similar distributed denial-of-service (DDoS) attackS attack recently.
The popular cryptocurrency exchange Bitfinex has been going through a rough patch of late, having been turned down temporarily on Friday due to a distributed denial-of-service (DDoS) attack that was reminiscent of a similar incident that happened with OKex recently.
The bitfinex team announced this on their website and a twitter page, the team is investigating the DDoS attack and their exchange is currently under maintenance. The bitfinex suspects the attack when the price of bitcoin was long struggling between the ranges of $8700.
Bitfinex Exchange Went Down
After first tweeting that they are investigating the attack which seems to be a distributed denial-of-service (DDoS) attack and they linked the link to the page where they will be updating the status of the website – https://bitfinex.statuspage.io, the hong kong-based exchange confirmed the DDoS attack.
Services on the Bitfinex platform have resumed. We implemented a stricter protection level as a result of our platform coming under a Distributed Denial-of-Service (DDoS) attack. All issues relating to the DDoS attack have now been resolved.
— Bitfinex (@bitfinex) February 28, 2020
Soon after Bitfinex released another tweet within an hour stating exchange is back to normal operations. The exchange later in their tweet also mentioned that they have implemented a stricter security level to avoid falling prey to such sort of Distributed Denial-of-Service DDoS attacks in the future.
Today we were subject to a very sophisticated DDoS attack.
The entire @bitfinex team worked really hard to completely annihilate it in a short period of time.
All funds remained safe during the whole attack and high-trading-performance is now fully re-established.Learn++ https://t.co/ZGv5ec0SNX
— Paolo Ardoino (@paoloardoino) February 28, 2020
Paolo Ardoino, CTO of bitfinex tweeted about the DDoS attack, he mentioned that they encountered a soph sophisticated DDoS attack and the bitfinex team quickly resolved the issue and users funds remain safe during and after the attack, the exchange is now live and fully operational.
I was not aware of the attack against OKEx yesterday. I'm interested to understand similarities.
We've seen a level of sophistication that means a deep preparation from the attacker.
Good news: this family of attacks won't work again against #bitfinex https://t.co/n3AWFT2Kzv
— Paolo Ardoino (@paoloardoino) February 28, 2020
He posted another tweet quoting a tweet by Larry cermak, research director of The Block, in which larry compared the DDoS attack of Bitfinex with the attack OKeX suffered recently.
Paolo mentioned that he don’t knew about OkeX attacked by DDos as of recent but he will closely monitor the similarities and he also mentioned that Bitfinex is now more secured and will not suffer any such attack in future.
What Actually DDos is?
In networking, a Denial of service attack is something when the end device or machine goes into a passive state because of its cam table or routing table gets filled by perpetrator flooding traffic of unnecessary request to the machines like router and switches. The table in the machines is used to identify the devices and get connected to using IP addresses and mac addresses with the help of different routing protocols.
When the end device cannot able to accept any more requests from its end it goes into a dormant state where it denies providing any services or simply shutdowns which are known as a denial of service attack.
A distributed denial of services attack is when the perpetrator is sending the unnecessary flooding of requests from not one source but multiple sources. The distributed Dos is impossible to stop by blocking a single source.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.