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Crypto Exchange, EXMO Goes Offline Over DDoS Attacks

Many crypto exchanges face problems from hackers and other bad players interested in making systems vulnerable to attacks. Although several trading platforms have beefed up their security measures, criminals still find ways to penetrate into their system. The UK-based crypto exchange, EXMO, has previously faced problems with hackers in the past.

The first attack occurred on December 24th, which led to the theft of some assets from the exchange. EXMO is not the only crypto trading platform that harmful elements have attacked. Many crypto-related. Firms now invest highly in security to keep their platform free from data and asset theft. The recent attack brought in a lot of tension for the users as the offline went offline due to the attack.

Hackers disrupt EXMO’s services

The platform shared some new information regarding the recent problems. EXMO said that it had a distributed denial of services (DDoS) attack, which the hackers used to make its system vulnerable with a massive load of traffic. Fortunately, after the attack, the platform could revive normal trading operations within a couple of hours, but the team did not reveal much information regarding the attack.

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The UK-registered platform is also widely used in other countries like Russia and Ukraine, showing an extensive client range. The firm said that some elements attempted to overload its server with internet traffic, which caused the two-hour outage.

The incident happened on Monday when the server began seeing a massive traffic surge because many connections were planning to use the platform simultaneously, thereby causing the unexpected outage that paused all its activities. EXMO shared the attack through its official Twitter page, where it explained that servers were down.

It also assured that it would handle the problems while urging people to stay tuned to more information. The company might have more things to worry about because of a similar outage last year, where it lost 5% of its assets to the hackers who manipulated the hot wallets.

EXMO is yet to discover hackers behind the attack

After the unexpected incident, the platform official announced that the hackers made away with $4 million in cryptocurrencies, which belonged to their customers. The company has not been able to get those who caused both attacks, but the similarities between the attacks could mean that they are from the same source.

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The two attacks occurred when Bitcoin had a notable surge, like in December, where BTC moved towards the $30,000 range, and early February, where it hit $48,000. The hackers want to explore the new surge to earn more money for themselves, hence targeting the times where the asset becomes more valuable.

Experts explain that DDoS attacks are well-known in the space, and hackers use it severally to weaken the exchange’s defensive by bringing in traffic to prevent smooth running. Still, some claim that the attacks pose fewer threats than others that causes a large loss of money. The firm, which has its headquarter in London, will continue investigations to find the hackers.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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