[2017-06-17] Major Bitcoin Exchanges Become Main Targets of Cyberattacks

[Eric Cartman]

Cryptocurrencies are relatively young and fragile, but already they’re under constant threats from cybercriminals. Just during this past week there have been multiple attacks on bitcoin exchanges, rendering their services useless and customers unable to buy, sell, or trade cryptocurrency.

Whether by accident or not, these attacks happened at the same time that investors’ interest in digital currencies has also gone through the roof. Cryptocurrencies are being rapidly adopted by multiple countries, institutions, services and agencies. Fundraising through ICOs is also reaching record heights, and people are starting to wonder if the cryptocurrency industry can handle that much attention all at once.

Experts on cryptocurrencies like the CEO and co-founder of a digital currency trading company Citizen Hex, Benjamin Roberts, say that investors must be very careful where they put their money. The more these organizations grow, the bigger the target is on their backs.

The increased number of attacks on bitcoin exchanges seems to confirm this point of view, and recently Bitfinex – which is the largest dollar-based exchange in the US – just reported a DDoS attack this Wednesday. The attack was attempting to increase the flow of data to the platform so that the system would end up paralyzed.

https://themerkle.com/major-bitcoin-exchanges-become-main-targets-of-cyberattacks/

[bbc.reporter]

Poloniex is surely one of these exchanges. Many of the people who use it are now complaining that it is taking too long to make a deposit or a withdrawal. Some have become paranoid by saying they think Poloniex is already hacked but has not said anything to the public.

[TravelMug]

As the popularity of bitcoin is rising, trading platforms will be surely targeted by hackers because of the huge amount going in and out of it So if I were the trading platforms, I will also raised the level of my security so that hackers will find it difficult to hack my system. Hire competent support personnel to watch over your servers. Its for your own business protection and your customers as well as we are talking huge amount of money here.

[Kprawn]

The DDoS attacks can only mean one thing.... these are people who are trying to stop or stall Bitcoin or Crypto currencies. They do not want

Bitcoin to succeed and they attack the weakest link in the chain to accomplish this --> Exchanges.  I will only use exchanges to buy or sell bitcoin

for Fiat and never keep large amounts in these exchanges. MtGox and the other hacks should be a warning to everyone. 

[richardsNY]

People directly tend to relate all this to hackers, but it's not always like that. In some cases the people themselves are responsible for slowing down exchanges, or even make them temporarily inaccessible due to constant refreshes. Other aspect is that wealthy individuals are trying to gain an advantage in some way by firing DDoS attacks. Exchanges need to upgrade their servers to allow far more usage, and decently weapon themselves against these attacks -- cutting costs is no option.

[Eternu]

There will always be people who will try to take something that does not belong to them, and will try to live on others people hard work. There was always criminals, and in this day and age cyber criminal is most advanced one. Bitcoin price is rising, and bitcoin reputation is growing, it was just a matter of time before people start doing criminal acts, because having bitcoins pays off this days.

[Eric Cartman]

As the popularity of bitcoin is rising, trading platforms will be surely targeted by hackers because of the huge amount going in and out of it So if I were the trading platforms, I will also raised the level of my security so that hackers will find it difficult to hack my system. Hire competent support personnel to watch over your servers. Its for your own business protection and your customers as well as we are talking huge amount of money here.

So far there are only DDOS attacks that are an annoyance but don't compromise funds or user's data, and only cause mayhem and fear, with no real effect.