DDoS attack i.e a distributed denial-of-service attack was reported by EXMO Exchange that their platform has been subjected to it
EXMO Exchange is the UK-listed Bitcoin exchange platform and is primarily well-known among the Russian, Ukrainian, and Kazakhstanian Bitcoin communities.
In a tweet on Monday, Exmo reported that threat actors had targeted the crypto exchange company with $75 million in trading volume in a distributed denial-of-service, or DDoS attack.
Details about EXMO cyberattack report that it was aiming at paralyzing their systems with a rush of Internet traffic.
The exchange company experienced an intense surge in traffic and the sheer number of connections trying to grasp its servers caused a brief disruption of its operations.
Normal services resumed operations within two hours of the attack and the trading services were brought back on track.
As investigations of cybersecurity are still ongoing, details about the perpetrators and nature of the cyberattack and yet to be disclosed.
This particular cyberattack has is preceded by another one that EXMO Exchange back in December 2020 wherein the threat actors extorted a whopping 5% of their assets from EXMO hot wallets which later amassed to more than $3.9 million in customer cryptocurrency.
Whether the two attacks on EXMO Exchange have anything to do with one another is yet to be determined. Currently, no evidence points to the suspected direction, however, both the cyber attacks occurred at a time when the bitcoin rates chased high records showcasing the hackers’ efforts to benefit off of the higher rates of the stolen cryptocurrency.
Cryptocurrency markets witness their fair share of DDoS attacks frequently, wherein threat actors attempt to freeze up the trading services by flooding servers with superfluous internet traffic.
On a severity scale, however, DDoS attacks are a bit on the lower end since the impact of these types of cyberattacks does not produce a direct loss to the clients.