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Cedric M

What is a DDoS attack in cryptocurrencies?


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Hi Cedric,

Distribution Denial-of-service is a cyber-attack whereby hackers overwhelm the servers of exchanges with many requests than the server can control. The exchanges are usually unable to cease these attacks since multiple sources are typically attacked.
Crypto exchanges have currently had these attacks after other platforms such as the banking systems and online shops.
Cryptocurrencies are generally digital. Therefore, right from when they are created, to trading them, these processes typically take place online.
Cryptocurrencies being decentralized, neither the government nor the banks have control over them. This is usually different in the case of fiat currencies. 
The DDoS attack is one risk that the cryptocurrencies face for being virtual currencies. A DDoS attack on a cryptocurrency may result in losing your revenue and damaging the tools used to mine and trade the cryptocurrencies.
A DDoS attack means that you cannot access your crypto wallet and your trading account. You will also end up making losses since you cannot trade your cryptocurrency. The DDoS attack can go as much as affecting the value of a cryptocurrency. 
Hackers may employ DDoS attacks so that they can make gains by asking for massive amounts so that they can stop the attack.
Cryptocurrency markets should safeguard themselves with strong DDoS protection to keep their cryptocurrencies safe.

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