As an experienced analyst, I’ve seen my fair share of DDoS attacks targeting various blockchains and cryptocurrencies. The recent attempt on Cardano was a textbook example of this malicious tactic. The attacker aimed to execute numerous transactions, each involving 194 smart contracts, filling up blocks with excessive traffic in an attempt to stress the network. However, the Cardano team’s swift response and effective mitigation measures prevented any significant damage or disruption.
Late in the week on June 25, the Cardano blockchain encountered a distributed denial-of-service (DDoS) assault, aimed at swiping ADA tokens deposited on the Cardano network. Fortunately, the team behind Cardano effectively thwarted the attack in its initial stages, averting any additional harm to the system. At present, the Cardano blockchain operates smoothly and securely.
As a seasoned analyst, I’d describe a DDoS attack as follows: In my experience, this type of cyber assault involves an adversary flooding a server or a blockchain with an overwhelming amount of traffic. Consequently, the system becomes overloaded, preventing legitimate users from accessing online services or websites.
ElRaulito_cnft, the CTO of Fluid Token, described on X platform the details of the recent DDoS attack on Cardano blockchain. The assault initiated around block 10,487,530 where each transaction invoked 194 smart contracts. It is claimed that the attacker expended approximately 0.9 ADA in every transaction, flooding the blockchain with multiple transactions to put stress on its functionality.
On Block 10,487,530, an attack on the Cardano network began.
In each transaction, approximately 194 REWARD-type smart contracts are invoked. An attacker spends around 0.9 ADA for every transaction. They pack multiple such transactions into each block.
In…
— elraulito (@ElRaulito_cnft) June 25, 2024
Philip Disarro, the founder of Anastasia, the company behind Cardano’s development, proposed a solution to put an end to the ongoing DDoS attack immediately. This could be achieved by revoking the stake credential being utilized by the attacker. Following Disarro’s suggestion, the attack was successfully terminated.
As a crypto investor, I can share an experience where a DDoS attacker paused their assault on my digital assets upon seeing my tweet. Regrettably, it was too late for them as the draining of their funds had already begun.
Cardano (ADA) Price Action
At present, Cardano’s cryptocurrency ADA is unchanged at $0.39 and boasts a market capitalization of $13.9 billion. However, according to crypto market analysts, there’s an impending surge in demand for ADA. Fiery Trading, a renowned cryptocurrency analyst, foresees a significant price increase if the current trend continues. He asserts that ADA may reach its peak within this trading channel during the upcoming bull cycle. Based on the provided chart, the top of this channel is projected at approximately $40.
However, Cardano’s ADA must first breach the level of $1 to trigger any mega bull run ahead.
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2024-06-26 12:20