Security & Fraud

Bitcoin Wallet Hit With DDoS Attack

BitGo, the online platform that has said it is among the most secure bitcoin wallets, was hit Saturday (June 4) with a massive DDoS attack.

As reported by Softpedia, the attack lasted as long as five hours and managed to take the company’s servers offline, with a delayed reaction as the company did not “react to the incident until an hour later,” stated the news source. The firm has said that its platform helps eliminate the wait for bitcoin transactions to be settled, touting its near-instant completion of transactions.

Softpedia said that BitGo has managed to grab attention in the bitcoin world, with focus on the company’s wallet and API, where it integrates with firms as diverse as Wirex, Kraken and Bitfinex, to name a few. They all integrate BitGo, with speed to transactions at the forefront.

The aforementioned DDoS hit the firms, too. BitGo, for its part, told its clients to stop making transactions until they received confirmation that service had resumed and security steps were being taken.

The underworld industry is targeting bitcoin sales in general, with the addition of regulatory scrutiny that has focused on possible bitcoin theft. The site noted that data breaches have snared Shapeshift, LoanBase, CoinWallet and others.

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