What is Distributed Denial of Service (DDoS) Attack?
Let's find out Distributed Denial of Service (DDoS) Attack meaning, definition in crypto, what is Distributed Denial of Service (DDoS) Attack, and all other detailed facts.
A distributed denial of service (DDoS) attack takes place when a fraudster takes action to interfere with the functionality of an application, network, or server by overloading it with transactions.
Crypto exchanges often become victims of DDoS attacks. This is because malicious actors usually focus on dominant organizations. Besides, the increasing popularity and knowledge of cryptocurrencies have given the spotlight to the exchange platforms.
DDoS attacks can pull two large crypto exchange platforms offline in less than 24 hours. The hazards for exchanges are evident - DDoS attacks prevent users from transacting until the exchanges are brought back online.
DDoS attacks often make use of networks of hacked devices that have been placed under the control of the malicious attacker. The attacker instructs each bot to overload the target with queries in order to overpower the network, which disallows valid traffic.
The large amount of DDoS attacks that were implemented on a variety of crypto sites and exchanges in the past showcases a way bigger issue – cryptocurrencies are required to be credible if they aim to achieve mass adoption.
Why? Because users have to be sure that they will be able to enter their funds and perform transactions in the same easy manner and peace of mind that they do when using a central bank. Also, if exchanges and other sites get targeted by DDoS attacks, users might get worried about the stableness and credibility of the crypto industry in general.