Crypto exchanges OKEx and Bitfinex hit by DDoS attacks, no users impacted

Quick Take

  • Crypto exchanges OKEx and Bitfinex were both hit by DDoS attacks, but they said no users were impacted
  • A DDoS attack is a malicious attempt to disrupt normal traffic of a targeted website with a flood of Internet traffic

Crypto exchanges OKEx and Bitfinex both experienced Distributed Denial-of-Service (DDoS) attacks in the last 24 hours, but say no users are affected.

An OKEx spokesperson told The Block that the attack was a malicious attempt to disrupt normal traffic of the exchange's server with a flood of Internet traffic. OKEx CEO Jay Hao described the attack as "large-scale," on his Weibo account, saying that competitor(s) was behind it.

OKEx's technical support team spotted the attack and reacted "quickly" to resolve the issue, said the spokesperson. "With our 24/7 technical support and monitoring, it was properly handled within a short period of time, and no client is impacted."

"We will continue getting well-prepared in protecting users," the spokesperson added. 

Crypto exchange Bitfinex also was targeted by a DDoS attack today. Bitfinex CTO Paolo Ardoino said the attack was "very sophisticated," meaning there was a "deep preparation" by the attacker.

"All funds remained safe during the whole attack and high-trading-performance is now fully re-established," Ardoino added.

Several exchanges in the past have been a target of DDoS attack, including Huobi and now-defunct platform BTC-e. US authorities seized BTC-e in 2017 on money laundering charges and also arrested the exchange's suspected operator Alexander Vinnik. Last month, French officials also charged Vinnik with multiple counts, including extortion and money laundering.

UPDATES (4:35 am and 5:50 am EST): This story has been updated with information from Bitfinex.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC