Understanding Distributed Denial of Service (DDoS) Attacks
A Distributed Denial of Service (DDoS) attack is a common type of cyberattack that aims to disrupt the functioning of a network or website by overwhelming it with a massive volume of requests.
In a DDoS attack, the attacker typically utilizes a network of compromised devices, known as a botnet, which are infected with malware and controlled by the malicious actor.
Distributed Denial of Service (DDoS) Attack | Source: CloudFare
Overwhelming Networks
The attacker commands each bot in the botnet to send an enormous number of requests simultaneously to the target network or website.
The goal is to flood the system’s resources, causing it to become overwhelmed and unable to handle legitimate traffic, thus denying access to genuine users.
Crypto exchanges have become frequent targets for DDoS attacks due to their high-profile status and the increased awareness of cryptocurrencies among the general public.
Crypto Exchanges Hit by DDoS Attacks
Notably, in early 2020, two major crypto exchanges were successfully taken offline within 24 hours as a result of DDoS attacks.
For exchanges, the consequences are clear: a successful DDoS attack disrupts user transactions until the service is restored.
Security Challenges
The prevalence of DDoS attacks on crypto exchanges and other cryptocurrency-related platforms reflects a larger concern.
For cryptocurrencies to achieve widespread adoption, trust is essential.
Users must feel confident that they can access their funds and conduct transactions securely, similar to the level of assurance provided by traditional banking systems.
If exchanges and similar platforms repeatedly fall victim to DDoS attacks, it raises legitimate concerns among consumers about the overall stability and reliability of the cryptocurrency industry.