Sunday, April 21, 2013

MtGox and the DDoS attacks

There must be some hackers making a fortune of the repeated "distributed denial of service" attacks on the Mt Gox exchange site. A very simple process:


  • wait for the Bitcoin price to rise
  • sell your Bitcoins
  • attack the site with a DDoS to bring it grinding to a halt
  • stop the attack and wait for the price to drop
  • buy back Bitcoins, increasing your holdings
  • and repeat...
Fortunately the market seems to be learning that these attacks have no long term effect - the initial ones caused the price to drop significantly, but the last one tonight only caused a 10% drop. Hopefully eventually they will have no effect at all.
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1 comment:

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