Last updated on March 18th, 2015 at 12:00 am
If you have been following Bitcoin Examiner (if you haven’t, shame on you!), you know that we like to go back to basics, now and then. Like we did here, we want to talk about another attack, today: the DDoS attack. Because Bitcoin lovers deserve to know everything there is to know about their favorite cryptocurrency.
So, what’s a DDoS attack? First of all, the acronym stands for Distributed Denial of Service (DDoS). This attack’s goal is to make a machine or network resource become unavailable to its intended users. This is often done in the Bitcoin universe, in order to paralyze miners and services.
DDoS attacks are mainly perpetrated by miners, who compete against each other for the creation and distribution of new Bitcoins. They often use this kind of attack to leave other miners helpless and prevent them from creating new coins.
However, DDoS attacks have been used lately in Bitcoin exchanges. The culprits are usually hackers, who prepare the attacks to paralyze trading and make the Bitcoin value go down, leading to volatile price moves. Hackers have been doing this to trigger selling and drive prices lower, then re-entering in the market to buy for less money.