One of the world’s leading derivatives cryptocurrency exchange BitMEX has been the topic of discussion since 12th March when the price of bitcoin dropped to as low as $3,600. The derivatives exchange went offline for around 25 minutes when the price of bitcoin dropped to historic lows.
BitMEX liquidated $1.2 billion worth of long contracts on its platform alone.
Derivatives exchange BitMEX liquidated $1.2 billion worth of long contracts on Thursday when the price of the leading cryptocurrency plunged below $4,000 on 12th March. It was one of the most intense long squeezes in crypto history. BitMEX confirmed it had come under an aggressive DDoS attack when it went offline for around 25 minutes.
So here's what we know so far: on Mar 13 at both 02:15 UTC and 12:56 UTC, we came under attack from a botnet that appears to have been probing the system for some time. This botnet was also responsible for an attack on Feb 15.
— Samuel Reed (@STRML_) March 16, 2020
The exchange experienced a botnet attack.
The Chief Technology Officer of BitMEX, Samuel Reed, confirmed on Twitter that the exchange suffered a botnet attack on Thursday last week. He also noted that the same botnet was responsible for an attack in February this year. The botnet attack exposed flaws in its AWS servers, according to the CTO. He further added that botnet owners had access to “an endpoint that was consistently, reliably slow,” and thus were able to carry out malicious activities. BitMEX’s CTO, in a series of tweets, revealed that hackers were probing the system for some time and were also responsible for an attack that took place on 15th February.