Experts report rise in DDoS attacks on cryptocurrency services

The number of DDoS attacks on cryptocurrency services rose substantially in the first quarter of 2021, StormWall said.

According to data cited by specialists in the publication «Ъ», the number of DDoS attacks worldwide rose by 40% in the period from January to March 2021.

Experts noted that last year such attacks in the financial sector were mainly directed at banks; however, in 2021 hackers’ attention shifted to cryptocurrency-related services.

Some experts attribute the attackers’ interest to the growing popularity of digital assets.

“If a year ago the pandemic dominated the agenda in the first quarter, by the end of 2020 and the start of 2021 the information field was seized by cryptocurrencies,” said Alexander Chernyakhov, a representative of the company “Krok”.

Among other reasons for attacks on cryptocurrency services, experts cited competition between platforms, heightened protections by the resources of large financial institutions, and a large number of new Bitcoin exchange clients appearing as crypto prices rose. DDoS attacks can also serve as cover for ransomware viruses.

Earlier, specialists said that a drop in the price of Bitcoin and other cryptocurrencies could trigger a rise in the number of DDoS attacks.

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