Investing 26-06-2024 12:02 11 Views

Cardano (ADA) counters a major security attack, guarantees network stability

The Cardano (ADA) network encountered a distributed denial of service (DDoS) attack late on Tuesday.

The perpetrators intended to steal assets staked on the blockchain.

The attackers wanted to disrupt services by overwhelming the ADA network with massive spam transactions.

Details show the incident began at block 10,487,530, where each transaction executed 194 smart contracts.

On Block 10,487,530, an attack on the Cardano network began.

🐛 Each transaction executes 194 smart contracts.
🐛 The attacker is spending 0.9 ADA per transaction.
🐛 They are filling each block with many of these transactions.
🐛 The smart contracts used are of type REWARD.


— elraulito (@ElRaulito_cnft) June 25, 2024

The hacker spent 0.9 ADA for each transfer and filed blocks with immense transactions to overwhelm the blockchain.

Nevertheless, the network faced no damage as developers successfully mitigated the incident.  

The Cardano blockchain remains fully operational and guarantees stability in the coming times.

Cardano successfully prevents DDoS attack

The founder of Cardano development Anastasia, Philip Disarro, discovered the network issue.

Update: DDOSer halted his attack after reading my tweet in an effort to protect his funds. Alas, they were too late and the pillaging of their funds is already in progress.

Thanks for the free money moron.

Truly iconic that the attacker who presumably wanted to damage the…

— phil (@phil_uplc) June 25, 2024

Dissaro deregistered the attacker’s stake credentials, thus stopping the attack.

Moreover, the developers retrieved some assets from the perpetrator.

The latest incident highlighted Cardano’s robustness, as the blockchain maintained operations without downtimes.

The ability to thwart such attacks demonstrates Cardano’s state-of-the-art security measures and developer efficiency.

Furthermore, the attack underscores the need for strict security measures. Also, it reveals the benefits of regularly checking blockchain and timely response to any threats.

Cardano and cyber attacks

While Cardano positions itself as a reliable and secure network, it has its share of cyber threats.

The best thing is attacks on the ADA blockchain are somewhat uncommon compared to other leading platforms.

Cardano has experienced various security attacks (in the past), though it’s yet to suffer immensely.

Fraudsters attempted to steal user funds and private keys in 2020.

However, developers and the community discovered and addressed the threats quickly.

Cardano’s strict development procedure and peer-reviewed research ensure that developers identify and fix any issue before the damage.

Indeed, it seems challenging to orchestrate a successful hack on the Cardano blockchain.

#Cardano cannot be hacked when it comes to the protection of assets. Why? There is nothing to hack. All digital assets are protected by private keys that are in the hands of owners. The most important thing is to choose a wallet wisely. $ADA

— Cardanians (CRDN) (@Cardanians_io) March 11, 2023

ADA’s current price outlook

While hacking incidents triggered wild bearish moves in the crypto market, Cardano displayed strength following the latest event.

ADA traded at $0.3884 during this publication, down 0.53% over the past day.

ADA 1D Chart on Coinmarketcap

Nevertheless, the alt will likely dip further before continuing its upward moves.

The Relative Strength Index at 38.79 suggests imminent oversold conditions.

Also, the Moving Average Convergence Divergence indicates potential dips in the near term.

The altcoin’s steady performance showcases Cardano’s resilience when faced with cyber threats.

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