DDoS: An Enemy Cryptocurrency Exchanges Can’t Afford

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ForexMinute.com – Bitcoin news website CoinDesk.com recently reported of the increasing occurrence of DDoS attacks on cryptocurrency exchanges. Everybody is familiar with the Mt Gox funds that were forgone to one of such attacks. But there are similar events that occurred at several other cryptocurrency exchanges, including Vircurex, Huobi, and the very recent CryptoRush, stealing millions of dollar worth of cryptocurrencies.

With cryptocurrency sector growing with a chain reaction speed, more and more currency exchanges are likely to be harassed by such activities. We believe it is now time for exchanges, miners and investors to first understand, and prevent such attacks. We have thus done this special piece for our readers to grasp the actuality of a DDoS attack.

What is DoS and DDoS Attack?
A DoS attack (or Denial of Service Attack) is a type of attack that aims to make unavailable for an indefinite period the services or resources of an organization. It is in most cases of attacks on the server of a company, to ensure that they cannot be used and accessed.

When DDoS attack is caused by multiple terminals, this is called a “distributed denial” (called DDOS for Distributed Denial of Service). DDoS attacks are the most popular Tribal Flood Network (called TFN) and Trinoo.

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DoS attacks are a problem that can touch any server or society particularly those connected to the Internet. The purpose of such an attack is not to retrieve or modify data, but harm the reputation of the company present on the Internet and possibly impairing its function if its activities are based on an information system.

From a technical point of view, these attacks are not very complicated, but they are effective against all terminals with an operating system Windows (95, 98, NT, 2000, XP, etc.), Linux (Debian, Mandrake, RedHat, Suse, etc.), commercial UNIX (HP-UX, AIX, IRIX, Solaris, etc.) or any other system. Most DoS attacks exploiting the vulnerabilities related to the implementation of a protocol model TCP/IP.

A distinction is usually two types of DoS attacks:

• The denial of service by saturation, is to submerge a terminal requests, to ensure that it is no longer able to meet the actual demands;

• The denial of service vulnerability exploitation, consisting in exploiting a flaw of the remote system to render it unusable.

The principle of DoS attack involves sending of IP packets or data size or unusual constitution, to cause a saturation or instability of the terminals victims and to prevent them from securing the services of the proposed network.

Protection against a DDoS Attack
There are few tricks you can try to prevent DDoS attacks:

1) Buy more bandwidth
2) Install proper security mechanisms on your DNS server
3) Block ICMP
4) Make sure your routers drop junk packets
5) Set up a reliable firewall
6) Try using caching servers to provide the maximum static content

To protect against this type of attack, it is necessary to implement an active surveillance of new attacks and vulnerabilities of the Internet and retrieve the software fix (patch) designed by programmers for software or some specialized groups.

To contact the writer of the article: Yashu Gola at yashu@forexminute.com