Cyber Attack disrupts Bitcoin exchange Bitfinex Services!

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Taiwan based Bitcoin Exchange Company ‘Bitfinex’ has admitted that it was hit by a DDoS cyber attack on Monday this week. However, the cryptocurrency platform notified to the world that the disruption was temporary as the services were brought back to life within 84 minutes.

As Bitcoin rate reached $11,000 early this week, one of the world’s largest digital currency exchanging company Bitfinex started experiencing a lot of traffic to its platform for trading.

However, the company’s network experts realized that the traffic was fake and was being generated by botnets triggering Distributed Denial of Service( DDoS) alert.

Bitfinex tweeted at 7:39 am ET that its platform was under a heavy load of traffic and was working to bring it back online.

Although the cryptocurrency trading and storage platform did not mention the cause of the attack directly, its further tweets hinted that some state-funded actors were behind the disruption.

From June this year, North Korean’ state hackers are trying hard to hack Bitcoin exchanges operating in South Korea and Europe. They are doing so to trade the digital currency in order to fund their nuclear ambitions.

Perhaps, the latest hack on Bitfinex could also be an act of the said nation’s malign intentions.

Note- Until last week, Bitfinex was rated as the top Bitcoin exchange in the world to trade BTC against the dollar in volume. But by mid last week, San Francisco based Coinbase is said to have replaced Bitfinex- according to CryptoCompare.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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