EXMO, a cryptocurrency exchange in the United Kingdom suffered a DDoS attack yesterday. Services were affected yesterday as the site went completely offline.
DDoS Damaged the Exchange’s Infrastructure
It took to Twitter to acknowledge the attack and said it was working on it. Although the site is now back online, the attack affected activity seriously yesterday. The exchange was down yesterday for about three hours, leaving users stranded.
A representative of the exchange assured users that everything was back to normal and working well. She explained that the attack was serious, as it affected everything, from the “website, API, Websocket API to exchange charts.” However, the exchange said it is working on preventing this kind of attack from happening again.
The exchange has not received butter details of the track, or if they know who is behind it. EXMO says the attack was directed at its servers, as attackers wanted to interfere with traffic at the servers. The exchange is popular with crypto users in Ukraine, Russia, and Kazakhstan. It has offices in Moscow, London and Kyiv. EXMO boasts of a trading volume of $75 million, which fell to $69 million after the attack.
EXMO Facing Serious Security Challenges
This is not the first time EXMO will be suffering an attack. Barely three months ago, the UK exchange was drained of nearly $10 million by hackers. This was equal to about 5% of the company’s assets at the time. The attack, which happened four days before Christmas, involved heavy withdrawals of crypto. BTC, XRP, ZEC, USDT, and ETH were just some of the cryptos involved in the hack.
Security is becoming a serious issue for exchanges as hacks become prominent. A DDoS attack (short for Distributed Denial of Service) is an attack carried out by a group of people to stop the online activity of a site. This is done by overloading the site so that it stops working. Compared to other forms of cyberattacks, DDoS attacks are easier to execute. EXMO’s recent attack has also been experienced by big exchanges like Binance and Bitfinex.