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Cardano Ecosystem

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06/26/2024

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ADA thrives despite ongoing DDoS attack on Cardano

Cardano is reportedly facing a DDoS attack; however, its native token and network are still thriving. ADA is up, and the network is as strong as it should be. The network is operational because there is no...

ADA thrives despite ongoing DDoS attack on Cardano
ADA thrives despite ongoing DDoS attack on Cardano

Cardano is reportedly facing a DDoS attack; however, its native token and network are still thriving. ADA is up, and the network is as strong as it should be. The network is operational because there is no single point of failure, plus the protocol has the maximum load spread.

The DDoS attack began on Block 10,487,530. The malicious actor spends 0.9 ADA on each transaction and uses 194 smart contracts, which are of type REWARD. This allows them to complete transactions at a lower cost.

It is common for the digital asset ecosystem to experience hacks and other types of attacks. Cardano is thriving on its unique trait of being able to exhibit resistance in recent times despite many networks featuring the same design.

ADA is exchanging hands at $0.3898, down by 0.38% at the time of writing this article. It has increased by 0.48% over the last 7 days. The next five days are crucial for the ADA. It could decline by 4.22% to settle at $0.376164. Nevertheless, ADA predictions estimate the token to rebound and surge by over 6.5% in the next 30 days. The founder of Cardano, Charles Hoskinson, is positive about its future. He has even noted that Chang Hard Fork might go live by the end of this month, which is June 2024.

The upcoming upgrade signals a transition to a self-governance protocol. This is important because the upgrade will eventually happen, and the core team will be unhindered by the ongoing attacks.

Many believe that no matter what the attacker does, their attempt to hamper the network has failed. The ecosystem has not experienced any downtime. If anything, the community has been able to take back a portion of the stolen funds.

DDoS is defined as an attack in which an attacker floods the server or blockchain with spam traffic, preventing users from accessing services and devices that are linked online.

Philip Disarro, the founder of Anastasia, said that they were able to stop the attack immediately by deregistering the stake credentials of the attacker. Philip added that the attacker stopped mainly to protect their funds.

XRP and other digital assets now have their sights on the Bitcoin 2024 Convention. Nashville will host it next month. Donald Trump is expected to speak at the event. The last time he delivered a speech in favor of cryptocurrencies, it was speculated that digital tokens would be safer if he is elected to power.

Former US President Donald Trump has vowed to support the industry. He even accepts crypto donations for his campaigns.

Incidents like this are helping XRP and other tokens gain a significant rally. They are also pressuring the Biden Administration to take the market seriously or risk losing the upcoming elections.

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Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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