Sunday afternoon Bitfinex once again announced via Twitter that the platform is under heavy DDOS, and that they working to bring it back online. Earlier this month, Bitfinex went through some major DDoS attacks. Let’s have a look at the timeline of these attacks.
Bitfinex platform undergoes several DDoS attacks since December 4th
The first DDoS was registered on December 4th, and it continued a few days, until December 7th. However, the attacks were re-established on December 12th when the platform was under a raid for hours before it was stopped. As of right now, the company seems to be fully operational without any disruptions or abnormalities. You can check the status over here.
A report by Neustar released earlier this year showed that DDoS attacks are quite expensive and cost organizations more than $2.5 million in revenue. Barret Lyon, Head of Research and Development at Neustar, called these attacks “the zeitgeist of today’s Internet”, and highlighted the fact that companies should ask how they are prepared to manage these disruptive and costly attacks.
Just to illustrate how bad things can be with DDoS attacks, 43 percent of the organizations that were surveyed said that such an attack has costed them at least $250,000 per hour. More than half of participants have admitted that it took them at least three hours to detect the attack before doing anything else. Additional 40% shared they needed three more hours to respond.
As for Bitfinex, the good news is that these raids cannot allow attackers to obtain users’ funds, unlike breaches where such platforms have already lost millions of dollars in cryptocurrencies. Nonetheless, Bitfinex customers have the absolute right to be annoyed especially at a time when Bitcoin’s price is growing by the hour.
That being said, make sure to check the most secure hardware wallet for Bitcoin, according to our article.