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.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Click to comment

TRENDING RIGHT NOW