Currency.com confirmed that the crypto trading platform suffered a massive cyberattack attempt after it suspended its operations in Russia last week.
The platform suffered a failed distributed “denial of service” (DDoS) cyber-attack last Tuesday, it said in a press release shared with Finance Magnates. It also stressed that the attack was unsuccessful and that all customer accounts and data are safe.
In a DDoS attack, the hackers bombard a platform with multiple requests for its services, thus crashing its infrastructure. Earlier, Ukraine’s President Volodymyr Zelensky also said that Russian hackers targeted the country’s defense ministry and finance sector with DDoS attacks.
“Currency.com has identified security as a big concern for investors when choosing a trading platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.
Read this Term,” said Currency.com’s billionaire founder, Viktor Prokopenya.
“Thanks to Currency.com’s robust security measures, we were able to thwart the attempted DDoS attack
DDoS Attack
A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources of this traffic. The most common technique to facilitate a DDoS attack is by overwhelming a machine or network with redundant requests in a bid to tax or overload systems. In doing so, the network is unable to process some or all legitimate requests from being fulfilled.In order to gain control of computers and other devices, an attacker will infect them with malware. The malware turns the devices into “bots” that can be controlled remotely by the attacker. A group of these bots is called a “botnet.”DDoS Against CryptosDDoS attacks are not a crypto-only phenomenon, which is where they receive the most attention. These attacks can also be perpetrated on web servers such as banks or credit card payment gateways. Within the cryptocurrency space, DDoS attacks occur most commonly when an attacker wants to slow down transactions on a network or to block users from a token sale. For example, an attacker could use a botnet to send hundreds (or even thousands) of miniscule transactions across the Bitcoin network, causing a “traffic jam” that could result in transactions taking hours to confirm.There are several defensive techniques used to combat DDoS attacks. These typically involve the utilization of a combination of traffic classification, attack detection, and responsive tools.Consequently, their function is blocking traffic screened as illegitimate, while simultaneously allowing traffic that is perceived as legitimate.
A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources of this traffic. The most common technique to facilitate a DDoS attack is by overwhelming a machine or network with redundant requests in a bid to tax or overload systems. In doing so, the network is unable to process some or all legitimate requests from being fulfilled.In order to gain control of computers and other devices, an attacker will infect them with malware. The malware turns the devices into “bots” that can be controlled remotely by the attacker. A group of these bots is called a “botnet.”DDoS Against CryptosDDoS attacks are not a crypto-only phenomenon, which is where they receive the most attention. These attacks can also be perpetrated on web servers such as banks or credit card payment gateways. Within the cryptocurrency space, DDoS attacks occur most commonly when an attacker wants to slow down transactions on a network or to block users from a token sale. For example, an attacker could use a botnet to send hundreds (or even thousands) of miniscule transactions across the Bitcoin network, causing a “traffic jam” that could result in transactions taking hours to confirm.There are several defensive techniques used to combat DDoS attacks. These typically involve the utilization of a combination of traffic classification, attack detection, and responsive tools.Consequently, their function is blocking traffic screened as illegitimate, while simultaneously allowing traffic that is perceived as legitimate.
Read this Term. All our servers, systems, and client data remain intact and uncompromised.”
Varying Views of Crypto Platforms
Currency.com offers cryptocurrency trading services across Europe. The platform is owned by the Belarusian-originated billionaire and operates from its offices in London, Gibraltar and Vilnius.
It became the first major crypto trading platform to pull out from Russia amid the invasion of Ukraine by the Russian army. Other crypto exchanges like Binance and Coinbase decided to continue operations in Russia, but only to halt services for sanctioned individuals and entities.
Prokopenya confirmed that the customer support staff of his crypto platform were bombarded with abusive calls and death threats after the platform decided to suspend its Russia operations. And then came the cyberattack attempt.
He further said that Currency.com faced attempts of cyberattacks before, but it was ten times more intense this time.
“Currency.com has robust security measures and has never been hacked,” Prokopenya added. “Currency.com will further test and enhance its systems and processes to ensure it continues to remain robust and resistant to potential cyber-attacks. Currency.com strongly condemns the war in Ukraine.”
Currency.com confirmed that the crypto trading platform suffered a massive cyberattack attempt after it suspended its operations in Russia last week.
The platform suffered a failed distributed “denial of service” (DDoS) cyber-attack last Tuesday, it said in a press release shared with Finance Magnates. It also stressed that the attack was unsuccessful and that all customer accounts and data are safe.
In a DDoS attack, the hackers bombard a platform with multiple requests for its services, thus crashing its infrastructure. Earlier, Ukraine’s President Volodymyr Zelensky also said that Russian hackers targeted the country’s defense ministry and finance sector with DDoS attacks.
“Currency.com has identified security as a big concern for investors when choosing a trading platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.
Read this Term,” said Currency.com’s billionaire founder, Viktor Prokopenya.
“Thanks to Currency.com’s robust security measures, we were able to thwart the attempted DDoS attack
DDoS Attack
A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources of this traffic. The most common technique to facilitate a DDoS attack is by overwhelming a machine or network with redundant requests in a bid to tax or overload systems. In doing so, the network is unable to process some or all legitimate requests from being fulfilled.In order to gain control of computers and other devices, an attacker will infect them with malware. The malware turns the devices into “bots” that can be controlled remotely by the attacker. A group of these bots is called a “botnet.”DDoS Against CryptosDDoS attacks are not a crypto-only phenomenon, which is where they receive the most attention. These attacks can also be perpetrated on web servers such as banks or credit card payment gateways. Within the cryptocurrency space, DDoS attacks occur most commonly when an attacker wants to slow down transactions on a network or to block users from a token sale. For example, an attacker could use a botnet to send hundreds (or even thousands) of miniscule transactions across the Bitcoin network, causing a “traffic jam” that could result in transactions taking hours to confirm.There are several defensive techniques used to combat DDoS attacks. These typically involve the utilization of a combination of traffic classification, attack detection, and responsive tools.Consequently, their function is blocking traffic screened as illegitimate, while simultaneously allowing traffic that is perceived as legitimate.
A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources of this traffic. The most common technique to facilitate a DDoS attack is by overwhelming a machine or network with redundant requests in a bid to tax or overload systems. In doing so, the network is unable to process some or all legitimate requests from being fulfilled.In order to gain control of computers and other devices, an attacker will infect them with malware. The malware turns the devices into “bots” that can be controlled remotely by the attacker. A group of these bots is called a “botnet.”DDoS Against CryptosDDoS attacks are not a crypto-only phenomenon, which is where they receive the most attention. These attacks can also be perpetrated on web servers such as banks or credit card payment gateways. Within the cryptocurrency space, DDoS attacks occur most commonly when an attacker wants to slow down transactions on a network or to block users from a token sale. For example, an attacker could use a botnet to send hundreds (or even thousands) of miniscule transactions across the Bitcoin network, causing a “traffic jam” that could result in transactions taking hours to confirm.There are several defensive techniques used to combat DDoS attacks. These typically involve the utilization of a combination of traffic classification, attack detection, and responsive tools.Consequently, their function is blocking traffic screened as illegitimate, while simultaneously allowing traffic that is perceived as legitimate.
Read this Term. All our servers, systems, and client data remain intact and uncompromised.”
Varying Views of Crypto Platforms
Currency.com offers cryptocurrency trading services across Europe. The platform is owned by the Belarusian-originated billionaire and operates from its offices in London, Gibraltar and Vilnius.
It became the first major crypto trading platform to pull out from Russia amid the invasion of Ukraine by the Russian army. Other crypto exchanges like Binance and Coinbase decided to continue operations in Russia, but only to halt services for sanctioned individuals and entities.
Prokopenya confirmed that the customer support staff of his crypto platform were bombarded with abusive calls and death threats after the platform decided to suspend its Russia operations. And then came the cyberattack attempt.
He further said that Currency.com faced attempts of cyberattacks before, but it was ten times more intense this time.
“Currency.com has robust security measures and has never been hacked,” Prokopenya added. “Currency.com will further test and enhance its systems and processes to ensure it continues to remain robust and resistant to potential cyber-attacks. Currency.com strongly condemns the war in Ukraine.”
