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Explained: What is a DDoS Attack? How to be sage

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Technically speaking, a DDoS attack is a cyber - threat that hackers use to overload their IP address with massive traffic.

DDoS attacks have become a threat that is too frequent because they are widely used for extortion, as a means of online activism and even to cyberwarfare.

 

DDoS Attack

Technically speaking, a DDoS attack is a cyber – threat that hackers use to overload their IP address with massive traffic. DDoS Attacks serve as a “smokescreen” for your IT staff to focus on, while hackers steal data from your website systems. DDOS prevention is possible through manual security planning, but it will be a hundred times easier if you have your DDoS preventive tool.

An attacker can use thousands of clean WordPress installations to execute DDoS attacks with a simple ping back request to the XML – RPC file. More intensive DDoS attacks tend to follow the first, and they’ll probably drop the site if it’s not behind a reliable WAF. Hackers can carry out a DDoS attack to show their colleagues in the hacking community, using it as a boasting right. Since most attacks use some kind of automation, any unsecured website may suffer from a DDoS attack due to hacking reasons.

DDOS attacks have been used as a weapon of choice for hackers, cybercriminals motivated by profit, nation and even – especially in the early years of DDoS attacks – computer whizzes who want to make a great gesture. Often, app-level attacks are combined with other DDoS attacks that focus not only on applications but also on networks and bandwidth. DNS Reflection attacks are a kind of DDoS attack that cybercriminals have repeatedly used.

Ddos allows exponentially more requests to be sent to the target, increasing the attack force. DDoS attackers often use a botnet – a group of hijacked devices connected to the internet to launch large – scale attacks. Once under control, an attacker can order his botnet to drive DDoS to a target. Many attackers launch DoS or DDoS attacks to divert attention away from their target and take advantage of the opportunity to launch secondary attacks on other services within your network.

According to Kaspersky, recently discovered botnets such as Torii and DemonBot are able to launch DDoS attacks.
‘ Typically, DDoS attackers rely on botnets – collections of a network of malware-infected systems that are centrally controlled.’ There are three main classes of DDoS attacks – those that use huge amounts of fake traffic to break down a resource such as a website or a server, including ICMP, UDP, and spoofing.

Many have described the disruption of DDoS attacks as “internet shutdown” and have openly wondered what a DDoS attack is. DDoS attacks take advantage of the power of a network of tens of thousands of compromised computers, known as “botnet “, to flood web servers with web browsing requests.

Distributed Denial of Service ( DDoS ) attacks are threats that website owners need to become familiar with because they are a critical part of the security landscape. ‘Denial of Service ( DoS ) attacks and Distributed Denial of Service ( DDoS ) attacks are very similar.’ Single DoS attacks come from an only source, while DDoS attacks ( dispersion ) come from multiple locations, often spoofed. ‘ Your devices, such as home routers, can be compromised and act as a botnet for DDoS attacks.’

 

Be Safe:

All organizations should worry about DDoS attacks and take steps to ensure that their DDoS protection scales become the most massive multi-carrier attacks. Besides, dedicated DDoS protection devices can provide specialized mitigation against large – scale and advanced DDoS attacks. DDoS mitigation generally involves coordinated actions, proactively detecting and protecting the target and the target from a DDoS attack.

Distributed refusal of services ( DDoS ) can provide considerable protection against DDoS attacks for your company. In addition, use dedicated software that can serve as a buffer for your website against DDoS attacks.

DDoS attacks can be pure malice, revenge or hacktivism and can range from minor annoyance to long – term inactivity, resulting in a business loss.

#Exchange

The Death of Cryptopia: How it all Happened?

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Cryptopia has now gone into liquidation and suspended trading operations with them saying that they have been unable to reduce costs and to be profitable.

After the Cryptopia exchange was hit by a big hack back in mid-January which resulted in a loss of around $16 million in Ethereum and other ERC20 tokens, it has been struggling to reopen and find any kind of relevance.

 

Cryptopia decides to liquidate:

The matter of hack was made worse by the fact that the exchange was already becoming completely irrelevant at the time of the hack. Cryptopia has now gone into liquidation and suspended trading operations with the company saying that they have been unable to reduce costs and to be profitable.

 

It was decided that liquidation was the best path forward for all the stakeholders. While the liquidation takes place, all trading and withdrawals have been suspended and the process may take months to resolve.

 

The users still have their funds locked up in the exchange and they are unable to withdraw them because Cryptopia controls the private keys. If ever it becomes possible for the users to withdraw their cryptocurrencies remains to be seen.

 

What kind of obligations will the exchange have to the stakeholders may impact the kind of obligations they have to their users and the funds of the users that are stuck on the exchange.

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Will Bitfinex and Tether Fail? The IEO Chaos, LEO Token and Affect on BTC

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Bitfinex IEO is happening just a few days after the New York attorney general announced that they were taking action against iFinex.

The upcoming Bitfinex IEO is something that is being discussed all around the cryptocurrency space. It is quite surprising that the Bitfinex IEO is happening just a few days after the New York attorney general announced that they were taking action against iFinex, who owns both Tether and Bitfinex.

 

Tether and Bitfinex: The Same Entity

Tether and Bitfinex are largely the same entity. It is worth remembering of course that they lied and said that they were not connected before we had the whistleblower leak called the Panama Papers, which actually revealed their lie and that the audits have never been delivered despite being promised. In an industry in which we are striving so hard for transparency, Tether and Bitfinex have done everything possible to be opaque at every opportunity that they can get.

 

The Issue of $850:

It seems that Bitfinex has misplaced $850 million in corporate and customer fund which has resulted in some rather fancy accounting work which essentially saw an equal amount of Tether underlying dollars used by Bitfinex to cover that loss of $850 million with Bitfinex putting up shares in the company as collateral resulting in Tether only being 74% backed. Bitfinex of course casually forgot to mention all of this to investors or the holders of Tether that Bitfinex had $850 million seized.

 

The 2016 Bitfinex Hack:

Back in 2016, Bitfinex got hacked for 120,000 bitcoin which at that time was worth about $72 million and the losses were spread to users who experienced a generalized loss of 36%. They enforced a bail-in on exchange users and took 36% of account holders funds and the users were given a Bitfinex token in place of their stolen funds. The BFX token was redeemable for shares in Bitfinex. However, the cryptocurrency market was quite different and small at that time with the total market cap of $12 billion (at the time of hack). So, Bitfinex being hit $72 million or 120,000 bitcoins was pretty big because Bitfinex was the king of cryptocurrency exchanges back then, which now stands at #49.

 

The Bitfinex IEO:

Bitfinex is looking to raise $1 billion from big money investors. Each token that they are putting up is going to be worth $1 purchasable with Tether. The token will be called LEO and will be a utility token. According to documents LEO token holders will enjoy reduced crypto to crypto trading fees on Bitfinex and the companies decentralized exchange EOSfinex. Moreover, the token will also reportedly grant decreased lending fee, reduction withdrawal, and deposit fee, discounts and derivatives fees reductions.

Bitfinex has announced that $600 million is already taken in terms of allocation by private investors and the rest $400 million will be available for retail investors on May 10th.

 

If Bitfinex and Tether fail, How will it affect the price of Bitcoin?

If somehow BItfinex and Tether crumble due to the New York attorney general taking action against the company, bitcoin price might be affected at all with only Bitfinex crumbling especially at the current stage in the cryptocurrency game where Bitfinex stands at the 49th position in the top crypto exchanges list. However, if Tether fails, that could be potentially disastrous of a Mt.Gox level proportion if it happens overnight.

Competitors, of course, are scrambling to get bigger and bigger by the day trying to get people over to their services and people are already moving into those alternatives. Every time that happens, the impact of a Tether collapse becomes less and less relevant. However, there is a massive exposure to Tether across the markets with most major cryptocurrency exchanges having massive volumes in Tether pairs and much lower volumes in other stablecoin pairs.

 

What are your thoughts on the upcoming Bitfinex IEO? Let us know in the comments section below.

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5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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