Recently attack Binance crypto exchange platform has been undergoing a crypto attack. The attack was confirmed by the Chief Executive Officer of the Attack Binance network. They declared that a Chinese network domain suffered a DDoS attack. On 29 April, 2023, the largest cryptocurrency exchange went through a series of DDoS and caused unexpected downtime. These DDoS attacks are cyber-attacks due to which the online transaction is interrupted due to unauthorized denial of services through different sources. Due to the number of attackers, it becomes very difficult to avoid such attacks and is often coordinated using a botnet. These attacks occurred unwanted lags and interior/options on the network while some crypto exchange procedures were carried on. the CEO and founder of the Binance company Changpeng Zhao (CZ) confirmed this news on its Twitter account. Although he also ensured that systems are safe from these unauthorized attacks and that users’ funds are also safe. To learn more about crypto, you can visit BitIQ officialsite
Role of Binance exchange
He further stated that these attacks were not accidents and neither operated by self-perceived competitors based on the pattern of attack. Moreover, it is also possible that these interventions may be ordered by the Binance exchange itself. Along With Finance platforms, other platforms have also complained to have suffered DDoS attacks in recent periods. Point to be noticed that BitMEX exchange of Bitcoin derivatives blamed that during March 2023, which was the most volatile day for Bitcoin in several years due to such an attack, commentators argued that the exchange platform of BitMEX made the crash more pronounced whereas BitMEX said that the attack was proposed for generating maximum impact.
However, in response to the theory of Twitter years, it may be possible that the Binance platform is itself performing the attacks to crosscheck its security system. Although the CEO of CZ also proclaimed that they have a self-perceived opponent who may be doing it for testing purposes. However, these are the most common practices as performed by most of the reputed firms or organizations like Google and Facebook but still, it is not sure whether CZ was elaborating it seriously or if it was just a joke.
Frequency of DDoS attacks on crypto exchanges
Attack on cryptocurrency exchange has been driven for almost after one year as during last year in May 2022, the platform suffered through the same attack. Although due to that attack, the company was experienced on a larger scale where the money stolen was more than $40 million in cryptocurrency. According to Binance, the theft impacted about 2.5% of its total Bitcoin (BTC) holdings. Although DDoS attacks as faced by the cryptocurrency exchange is not so long ago. As per the report generated through Daily Coin, they state that OKEx and BitFinex exchange platforms were also attacked by the DDoS in the same way due to which the platforms went offline for a few hours. The attack occurred in Mid-March and caused even bigger DDoS attacks caused even bigger liquidations and losses of funds.
Complexity in process
DDoS attacks keep on growing due to the increasing complexity of the transaction processes due to which a certain level of completion sometimes naturally occurs and people think that the website has stopped working due to some technical error. Till the time, users get to know about the problem, hackers accomplish their sinful act and steal money directly from the crypto wallets. However in our ongoing tracking system of DDoS attacks, other malware activities, and other attack procedures, it was noticed by the A10 network that the frequency of these attacks is increasing day by day and its intensity is becoming a sophisticated threat for the users. But despite this, the good news is that the proven procedures of DDoS protection will be effective as long as these threats will rise.