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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.

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Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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Alert: Bancor Hackers move 25433 Ethereum

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Three days ago, Bancor Exchange hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange.

The whole crypto community was in shock when Bancor was hacked on 10th July last year with more than $23 million worth of Ethereum being stolen. Almost eight months after the incident, the hackers have allegedly made transactions from the wallet where the stolen Ethereum were kept.

bancor hack address

Three days ago, the hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange. It cannot be determined yet whether the funds can still be tracked or not.

It might be the situation where the hackers are trying to bewilder people so that the funds can be cashed out later from the new address as the older address was already in the view of people and even etherscan displays a cautionary sign above the previous address “Warning! There are reports that this address was used in a (Bancor) hack. Please exercise caution when interacting with this address”.

The Bancor Hack:

Bancor decentralized exchange was hacked last year where the private key was stolen in an uncertain manner by a hacker that still remains mysterious.

Around 25,544 Ethereum, 230 million Pundi X tokens and 3.2 million Bancor Tokens were stolen during the hack. According to Bancor, the hack was due to the compromisation of a wallet that was kept for smart contract upgradation.

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QuadrigaCX mystery takes a shocking turn: Wife reveals CEO used own money to fund user withdrawals

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Widowed wife of Gerry Cotton, the dead CEO of QuadrigaCX exchange claims that her husband used to mix his own money with the exchange's funds.

The current situation of the defunct exchange QuadrigaCX is just like a thriller movie as cryptocurrency enthusiasts around the world are curious to know what exactly has happened and what was the exchange up to. It was in the news recently that Ernst & Young, one of the top auditing and law firms in the world had revealed that QuadrigaCX’s cold storage wallets had almost NIL amount of user funds. This was quite shocking for the people who had millions of their investment or trading funds on the exchange as they were not hoping for this.

 

QuadrigaCX: A Shocking Turn

The situation gets even worse now as the widowed wife of Gerry Cotton, the dead co-founder, and CEO of QuadrigaCX exchange claims that her husband used to mix his own money with the exchange’s funds in order to fulfill customer withdrawals. According to Gerry’s wife, she does not know exactly how Gerry used to operate his business/exchange, however, he used to tell her that he had to keep transferring his own personal money into Quadriga CX exchange to fund the user withdrawals last year.

 

The statement of the widowed wife came into the picture soon after Ernst & Young revealed that the cold storage wallets of the exchange were nearly empty. A report also claimed that the exchange’s funds (around 600,000 ETH) were stored on different exchanges namely Kraken, Bitfinex, and Poloniex, after being transferred from the cold wallets.

 

The situation got worse long before the death of Gerry Cotton:

The situation had got worse long before the death of the CEO of QuadrigaCX, Gerry Cotton. The company was already in huge trouble and also is facing a legal battle with a bank. The CEO had to fund the exchange withdrawals using his own personal savings which may be because the holdings of people were being spent on personal expenses previously or had been lost on gambling or other activities. This is not confirmed and yet to be known. However, the people drew attention to the QuadrigaCX case only after the death of the CEO this year.

 

Is there a Change of Recovery?

If the CEO of QuadrigaCX, Gerry Cotton had really transferred the cold wallet funds onto other cryptocurrency exchanges as being reported earlier, and the auditors are able to track these fund’s transactions, there might be a chance for the victims to get their funds recovered, either fully or partially.

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