Crypto Exchange OKCoin Website Reportedly Suffered Two DoS Attacks

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • OKCoin posted a tweet regarding the two Denial of Service (DoS) attacks that have occurred in the OKCoin website.
  • The website became inaccessible to millions of customers for more than 4 hours.
  • Soon after, OKCoin posted another tweet where they have said that the mobile and the API’s were back to their usual states.

Recently, OKCoin posted a tweet regarding the two Denial of Service (DoS) attacks that have occurred in the OKCoin website. As a result of which the website became inaccessible to millions of customers for more than 4 hours. However, they have assured that all the user assets are safe and secured. 

Soon after the above tweet, OKCoin posted another tweet where they have said that the mobile and the API’s were back to their usual states. They have confirmed that the engineers have fixed the issues. And lastly, they concluded by apologizing for the inconvenience caused and thanking the customers for co-operating and understanding the issues. 

Some Years Ago OKCoin Had Faced A DoS Attack

Okcoin is a China-based crypto assets trading platform which is mainly famous for spot trading services. It provides a wide range of variety of fiat currencies such as the US Dollar, Euro, Pound, Japanese Yen and so on and also cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many other options. The headquarters of this digital exchange is located in Beijing and has an overall staff of 140+ members. 

Cyberattacks Mostly Target Bitcoin Exchanges

However, this isn’t the first time that the OKCoin exchange is facing attacks. Some years ago, OkCoin had reported a DDoS (distributed denial of service) attack on its international platform. However, DDoS attacks are a bit different from DOS attacks because in such attacks multiple hardware targets a single system through a DoS attack. However, the issues were patched with an upgrade. 

It has been noticed that all the cyberattacks are targeted towards Bitcoin exchanges. A few years ago, the largest US-based crypto exchange, Bitfinex had reported a similar attack where its website was under a distributed denial-of-service attack (DDoS) whose main objective was to mobilize the entire platform by flooding it with information. 

What Happens In A DoS Attack? 

In this attack, the main aim is to paralyze the network or shut down the platform. This may be achieved in many ways, for instance, the attacker may congest the target with traffic or flood the target with information that in some way may trigger cash. Some popular flood attacks are butter overflow attacks, ICMP floods, SYN floods. Any DoS attack basically exploits the vulnerabilities of the system that made it a target. Many Blockchain platforms and technologies have upgraded their system to safeguard its platform from such attacks. However, such attacks have unique characteristics which makes them a high-level threat to high profile platforms.

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