OKCoin’s defense system was put the test on July 10 when a distributed denial of service (DDOS) attack prevented some users from accessing its platform from 17:00 to 17:19. Xin Chen, chief financial architect at OKCoin, told CCN the attackers wanted to influence the bitcoin price, which they succeeded in doing for the short term.
“There is an impact on the short-term price of bitcoin from the attacks,” Xin Chen said. “The attacks were simultaneously carried on OKCoin, Huobi, Bitfinex and perhaps others. It costs resources to carry out a DDOS attack and it is likely in our estimation that the malicious attackers acted with the intent to influence the price of bitcoin. However, since DDOS attacks are commonly faced by Internet services, the long-term influences on the bitcoin price is not serious.”
“We are trying our best to upgrade the system, both the software and hardware,” Xin Chen continued. “What we can do is address three things. First, to reduce