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Cryptocurrencies

Crypto aficionados concerned over Bitfinex DDoS attacks

Tuesday 28 November 2017 | 01:23 PM CET

The Bitfinex Bitcoin exchange has suffered direct denial of service attacks (DDoS), encouraging users into thinking that something else is going on, according to The Merkle.

Some users consider that this attack is rather a case of many people looking to get their money off this exchange, the online publication continues. In 2017, the company became the world’s leading Bitcoin exchange in terms of trading volume. Unfortunately for the platform, its reputation has taken a few big hits this year due to some troublesome developments affecting this company.

The exchange lost its Taiwanese banking partner earlier in 2017. This happened because the company’s partner bank did not adhere to new US banking regulations in time. As a result, Bitfinex users couldn’t request USD withdrawals or make USD deposits. It was an uneasy situation which was only resolved at the end of November 2017.

Additionally, there is the whole Bitfinex-Tether connection which still has a lot of people concerned. In November 2017, Tether said that USD 30,950,010-worth of USDT was taken from its core treasury wallet “through malicious action by an external attacker.” As the CEOs of Bitfinex and Tether are one and the same individual, it is evident there may be a lot more going on here.

With a DDoS attack taking place right after the company enabled USD transfers and added EUR transfers, it is evident there is plenty of reason for people to be suspicious of Bitfinex. Nevertheless, it will be interesting to see how long it takes Bitfinex to recover from this latest attack, the online publication concludes.

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