Published On: Thu, Jun 15th, 2017

Major Bitcoin Exchanges Crippled by DDOS Attacks Amid Record Price Rally

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Denial-of-service attacks brought several major Bitcoin exchanges to their knees this week, leaving traders locked out of the system, as hackers reap the market rewards.

Ongoing Cyber Attacks

The DDoS attacks, timed to occur during intense periods of trading, gain the hackers a market advantage during price swings. Allowing them to game the price difference on compromised exchanges. Users are left locked out of the system during what could be crucial time periods of market activity.
Bitfinex, the largest U.S dollar-based bitcoin exchange has admitted that their platform was under DDoS attack. However, despite what they refer to as ongoing attacks, they do say that “Most users will be able to use the platform normally.” and released the following tweet;

The platform is returning to normal operations. We are closely monitoring the the situation
— Bitfinex.com (@bitfinex) June 13, 2017

BTC-e is also believed to have been affected, as their site went down temporarily. They also posted a tweet acknowledging the issue though it has since been deleted.
Market Fears and Due Caution
While no coins were directly stolen from users during the attacks, the ensuing instability caused significant chaos nonetheless. Those who remember, or …

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