BitMEX crypto exchange refunds users after suffering 2 DDoS attacks

BitMEX crypto exchange refunds users after suffering DDoS attacks

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When the price of Bitcoin crashed on March 13, the BitMEX crypto exchange suddenly went offline without any prior notice. This caused users to suffer inconvenience, and they have been waiting for an explanation. However, the explanation they received is not the kind they wanted.

BitMEX crypto exchange suffers 2 DDoS attacks

As per BitMEX, the platform was “subject to two distributed denial-of-service (DDoS) attacks.” An update on the blog by BitMEX CEO claimed that the team has been working non-stop to figure out what happened in the attacks. As a result of the investigation, the team found out that it was hit by two DDoS attacks on March 13. The first attack occurred at 12:56 UTC while the second followed 80 minutes later.

As per BitMEX’s claim, the attack was initiated by a botnet that had entered the system at a previous time and waited for the “peak moment of market volatility to take action.

The blog also revealed technical details and an explanation about the system’s database and clogged internal traffic. Moreover, the exchange also shared the technicalities involved in the platform’s EBS volume failure and API delays.

CEO Arthur Hayes reassured users that their personal data is secure, and the company is working to tighten the platform’s security to ensure that such an event does not repeat itself. 

However, traders are more concerned about two things: How many traders are being refunded, and did the BitMEX crypto exchange caused the platform outage on purpose?

The company detected 156 accounts that faced transaction errors due to the attack. These accounts were trading on the ETH/USD pair and caused the late processing of market orders. The company calculated the delta to the printed Index Price and refunded the users. In total, around 40.3 Bitcoin (XBT) was refunded.

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Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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