Understanding Distributed Denial of Service (DDoS) Attacks
A Distributed Denial of Service (DDoS) attack is a common type of cyberattack. These attacks typically exploit networks, called botnets, which are made up of compromised devices controlled by malicious actors.
The goal of the attacker is to overwhelm the target network by instructing each bot to send a large number of requests. This results in legitimate traffic being denied access, hence the name “Distributed Denial of Service.”
DDoS attacks are increasingly being used against crypto exchanges. This is not surprising, as bad actors often target high-profile businesses, and the growing popularity of cryptocurrencies has made exchanges more visible.
In early 2020, two major crypto exchanges were hit with DDoS attacks within a 24-hour period, leading to their temporary shutdown. For exchanges, the risks are clear: successful DDoS attacks disrupt user transactions until the platform is restored.
The frequency of successful DDoS attacks on crypto exchanges and other cryptocurrency-related websites highlights a larger issue. To gain widespread adoption, cryptocurrencies must inspire trust. Consumers need to feel confident that they can access their funds and make transactions as easily as they would with traditional banking. If exchanges and similar platforms become victims of DDoS attacks, consumers may understandably question the overall stability of the cryptocurrency industry.
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