Massive Cyber Attack Spamming Bitcoin Exchanges

The distributed denial of service attack involved thousands of 'phantom' transactions! 

Looks like the Bitcoin, which exists solely in cyberspace, is as vulnerable to an 'assault' as any other Internet-based business. A massive distributed denial of service attack from unknown sources has been spamming Bitcoin exchanges lately exposing the higher risks involved in owning and trading the same compared with traditional currencies.

The attacks essentially involved thousands of phantom transactions that forced at least three of the online platforms that store and trade Bitcoins for traditional currencies to halt withdrawals until it is determined which transactions were real. As a result, the price of bitcoins slumped from around $850 late last month.

Bitcoin is a decentralised digital system of value transfers that is not governed by any central bank, company or government. It can be transferred between users without any exchange of personal identification information. 

Author : Shivam Kotwalia, CodeKill