NEWS
IBS Journal January 2018
07
Three quarters of Bitcoin exchanges targeted by cybercriminals
A
recent report on DDoS attacks by Imperva shows that nearly three quarters (73.9%) of all Bitcoin exchanges have been targeted using the method, which took the sector into the top 10 most-attacked industries.
The report focuses on Q3 2017, and is based on data from 3,920 network layer and 1,755 application layer DDoS attacks on websites using Imperva Incapsula services from 1 July 2017 to 30 September 2017.
On average, organisations targeted by DDoS attackers spent 12 hours under attack over the course of the quarter, and half of network layer targets were hit at least twice, while almost 30% attacked more than ten times.
Cybercriminals seem to have a particular penchant for Hong Kong, which received the largest number of attacks, largely because of a persistent attack on a local hosting service that was hit hundreds of times throughout the quarter. The largest application layer assault targeted a financial services company headquartered in Europe, which was hit multiple times with attacks above 100,000 RPS.
“Why the large number of attacks on Bitcoin exchange sites? This is a clear example of DDoS attackers following the money,”
commented, Igal Zeifman, director at Imperva Incapsula. “As a rule, extortionists and other cybercriminals are commonly drawn to successful online industries, especially emerging ones that are less likely to be well-protected.
Specifically for Bitcoin, the DDoS attacks we mitigated could also have been attempts to manipulate the price of Bitcoin and other cryptocurrency, something we know offenders had tried in the past.”
IOTA surges by 900% to become fourth-largest cryptocurrency
T
here’s a new cryptocurrency exploding with popularity, one that has been on a huge tear in the past month. The price of IOTA has climbed by more than 900% in recent weeks, bringing its value up to $4.77 at the time of writing.
More rises are expected as traders hear about the currency for the first time and a fear of missing out on the curve sets in.
According to CryptoCoinsNews, traders exchanged more than $1.2 billion of IOTA on 5 December. The rally now means that IOTA’s market capitalisation has hit $9.8 billion, making it the fourth-largest cryptocurrency.
IOTA is an open-source distributed ledger focused on providing payments between machines on the Internet of Things. Using
directed acyclic graph (DAG) technology instead of the traditional blockchain.
IOTA’s transactions are free regardless of the size of the transaction, confirmations times are fast, the number of transactions the system can handle simultaneously is unlimited, and the system can easily scale. IOTA was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov.
IOTA is overseen by the IOTA Foundation, a Linux Foundation- like non-profit dedicated to developing the technology and maintaining it license-free for all developers to work with. The foundation has entered into partnerships with Microsoft, Deutsche Telekom, Fujitsu and Samsung.
www.ibsintelligence.com
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