Cardano Thwarts DDoS Attack, Boosts Security Despite ADA Price Slump
The Essentials in Brief
Cardano (ADA), a leading cryptocurrency and blockchain platform, was recently targeted by a Distributed Denial of Service (DDoS) attack. However, this attempt to compromise the network was successfully repelled, and the attackers suffered losses. These events led to a notable increase in development activity on the platform. Despite the successful defense of the attack and the increased development activity, ADA’s price performance remained relatively unspectacular.
Cardano Successfully Repels Attack
On June 25, the Cardano network faced a DDoS attack aimed at exploiting vulnerabilities in the staking mechanism to steal ADA tokens. The attack began at block 10,487,530 and involved 194 smart contracts per transaction, with the attacker spending 0.9 ADA per transaction. By filling each block with numerous such transactions, the attacker was able to carry out large transactions while minimizing expenditures. Philip Disarro, founder of Cardano development company Anastasia, suggested deregistering the attacker’s stake entitlement, which ultimately led to the end of the attack. However, before the attack was terminated, the attackers had already suffered significant losses.
Development Activities on Cardano Increase
Cardano is known for its high development activity, which has been particularly noticeable recently. Just before the attack, development activity recorded a significant increase from about 160 on June 23 to over 180 on June 24, eventually reaching a peak of 190. This increase is largely due to the attempted hack attack and shows how actively the developer community responds to threats.
ADA Struggles for Price Stability
Despite the increase in development activity and the successful defense of the attack, ADA’s price performance remained relatively unspectacular. On June 25, ADA recorded a price increase of 3.73% to about $0.39, but this increase was unable to reverse the previous downward trend. At the time of this report, ADA was trading at about $0.38, representing a slight decrease of about 0.7%.
Our Assessment
The successful defense of the DDoS attack on the Cardano network and the subsequent increase in development activity underline the resilience and commitment of the developer community. These events show that Cardano continues to be among the leading cryptocurrency platforms that prioritize both security and active development. However, ADA’s price performance remains below expectations, highlighting the challenge of building and maintaining market confidence. In the long term, the ongoing development and improvement of the network could lead to a more positive price development.
Sources: Santiment, TradingView
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