Bitfinex and OKEx DDoS Attack Proves the Need for Decentralized Trading


Centralized exchanges are perhaps the biggest points of failure in the cryptocurrency space. Earlier this week, two major platforms were taken offline briefly due to a successful DDoS attack.

It is not uncommon for centralized exchanges to be forced offline.

A Rough Week for Bitfinex and OKEx

A central infrastructure will always attract hackers, criminals, and other wrong crowds.

Both Bitfinex and OKEx found that out the hard way this week.

Both companies receive a major DDoS attack, causing a disruption of overall services.

Although the attacks did not last too long, it highlights the need for distributed and decentralized exchanges.

The Bitfinex case is especially intriguing, but not for the right reasons.

Not that long ago, the company claimed it was using load balancing to improve performance and accessibility.

In theory, that should thwart most DDoS attempts altogether.

It is possible that the culprit had plenty of bandwidth at his or her disposal, however.

Why both of these exchanges were targeted specifically, remains a bit unclear.

There are dozens of competitors who may bear ill will toward either of these service providers.

Perhaps the most shocking development is how Deversifi also suffered from the attack.

This exchange is also labeled by Bitfinex as “decentralized”, but that is clearly not necessarily the case.

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