Saturday, April 13, 2013

DDoS attacks played a role in this week's Bitcoin crash says Mt. Gox

Mt. Gox, a Bitcoin exchange, revealed that a Distributed Denial of Service Attack played a bigger role in the company's decision to suspend trading for 12 hours Thursday than they initially claimed.

"We have two problems: the DDoS and volume related to new accounts," Mt. Gox officials confirmed. "The trade engine is capable of accepting much more of a load. Within 2-3 weeks we will completely rewrite the trade engine, in the meantime we shut down the system today and installed a new server with the current trade engine. Of course, if we didn't have DDoS everything would be fine, so now we're dealing with two issues at once."

Mt. Gox's trading suspension and technical errors drove the price down to a low of $54. JUst few minutes the price was $111.

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