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Author Topic: 2013-12-19 Theregister.co.uk - China's central bank attacked by DDoS  (Read 1243 times)
Athom
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December 19, 2013, 08:57:00 AM
 #1


China's central bank hit by DDoS after Bitcoin blitz
Reports claim revenge attack after digi-currency restrictions

Angry Bitcoin users are suspected of DDoS-ing the website of China’s central bank following tough new restrictions it levied this week which appear to have forced the world’s biggest Bitcoin exchange into meltdown.

Chinese news site 163.com (via The Diplomat) claimed that the People’s Bank of China (PBOC) web site and weibo account were down intermittently yesterday, possibly as a result of a flood of traffic from abroad.

Both appear to be working as normal today, however the bank will do well to prepare itself for a prolonged cyber backlash – there are plenty of digital currency users and traders all over the world with an eye on revenge given recent events in the Middle Kingdom.

It emerged earlier this week that the PBOC had ordered third party payment providers to stop offering clearing services to Bitcoin exchanges, following on from a previous missive on December 5 that banks were also to cease their dealings with the digi-currency.

Although the news has yet to be officially confirmed by PBOC, it seems to have forced the hand of BTC China, the world’s largest Bitcoin exchange, which on Wednesday announced it would no longer be accepting deposits in Chinese yuan.

According to some estimates, approaching half of all Bitcoin transactions in China come from third party payment providers like Tencent’s Tenpay.

The news sent the price of Bitcoin plummeting 60 per cent on BTC from a December 1 high, according to Reuters. The Chinese exchange accounts for around a third of the global Bitcoin trades.

It’s far from game over for the crypto-currency because individuals in China are still legally allowed to buy and sell Bitcoins. They just have fewer options when they choose to do so.

However, traders in the Middle Kingdom were responsible for much of the currency’s surging popularity over the past year and if things are going the way they are and Bitcoin is eventually forced from the PRC, it’ll be another big wake-up call.

http://www.theregister.co.uk/2013/12/19/bitcoin_ddos_pbos_china_bank/
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empoweoqwj
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December 19, 2013, 09:08:58 AM
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Certainly a revenge attack would be entirely logical. A lot of Chinese people have lost a lot of money with the recent government clampdown.
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December 19, 2013, 09:36:50 AM
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Serves them right.  Grin
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December 19, 2013, 10:04:52 AM
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Serves them right.  Grin

May be. But what we'll gain from it? On the other hand, the PBOC will be even more revenge-minded now.

I have heard that a lot of Chinese investors have lost their money.

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December 19, 2013, 10:08:31 AM
 #5

Serves them right.  Grin

May be. But what we'll gain from it? On the other hand, the PBOC will be even more revenge-minded now.

I have heard that a lot of Chinese investors have lost their money.
They need the programmers , and theese programmers all love bitcoin.
they can only do things true them.
a 24h down of the bank system showed the chineese its dependence and they will now prefer bitcoin , because it did not faill.
because it is decentraliced.
bitcoin will survive because unlike banks it does not have a single point of failure.



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empoweoqwj
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December 19, 2013, 11:51:51 AM
 #6

Serves them right.  Grin

May be. But what we'll gain from it? On the other hand, the PBOC will be even more revenge-minded now.

I have heard that a lot of Chinese investors have lost their money.
They need the programmers , and theese programmers all love bitcoin.
they can only do things true them.
a 24h down of the bank system showed the chineese its dependence and they will now prefer bitcoin , because it did not faill.
because it is decentraliced.
bitcoin will survive because unlike banks it does not have a single point of failure.




You mean ALL Chinese programmers love bitcoin. That's a bit of a leap in the dark I feel. It only takes one hacking group to take down a server, not millions of programmers.

Of course bitcoin will survive globally. The only question here is whether they will survive in China.
bryant.coleman
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December 19, 2013, 02:52:45 PM
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You mean ALL Chinese programmers love bitcoin. That's a bit of a leap in the dark I feel. It only takes one hacking group to take down a server, not millions of programmers.

Of course bitcoin will survive globally. The only question here is whether they will survive in China.

The Chinese government agencies employ tens of thousands of elite hackers, using them to spy on their own population. So we don't have much of a chance if we undertake a hack-war against the PBOC.

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empoweoqwj
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December 20, 2013, 02:52:34 AM
 #8

You mean ALL Chinese programmers love bitcoin. That's a bit of a leap in the dark I feel. It only takes one hacking group to take down a server, not millions of programmers.

Of course bitcoin will survive globally. The only question here is whether they will survive in China.

The Chinese government agencies employ tens of thousands of elite hackers, using them to spy on their own population. So we don't have much of a chance if we undertake a hack-war against the PBOC.

The NSA plays a mean game of hacker as well.
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December 20, 2013, 04:00:49 AM
 #9

The NSA plays a mean game of hacker as well.

Not only the NSA and the Chinese agencies, many national security agencies around the world do the same. I have heard that even RAW of India employs thousands of hackers.

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empoweoqwj
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December 20, 2013, 04:03:23 AM
 #10

Hey, its the new way to fight wars. Only to be expected. Geeks really have inherited the earth.
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