Binance, the major cryptocurrency exchange, has faced a series of distributed denial of service (DDoS) attacks on its Chinese domains.
On April 29, it has been reported that Changpeng Zhao (CZ), the founder and CEO of Binance, tweeted about the attacks, as he explained that the DDoS attacks caused “some lag and interruption of network access.”
Earlier today, our Chinese domains experienced targeted DDoS attacks, and users saw some lag and interruption of network access. Based on the attack pattern, it looks like work of our self-perceived competitors. No need to be concerned. Systems are fine. Funds are #SAFU. — CZ Binance 🔶🔶🔶 (@cz_binance) April 29, 2020
However, CZ said that there is no need to be concerned by noting that systems are stable and user funds are safe.
CZ also suggested, in the tweet, that the new DDoS attacks on Binance were triggered by “self-perceived competitors.”
“Based on the attack pattern, it looks like work of our self-perceived competitors.”
Consequently, he tweeted that Binance has white hackers, which work on internal testing to maintain the security of the platform.
In response to a tweet considering that Google and Facebook hire such hackers to find loopholes in their security systems, CZ wrote:
“We of course do. We also have self-perceived “competitors” doing testing for us. Everyone is working on Binance.”
We of course do. We also have self-perceived “competitors” doing testing for us. Everyone is working on @Binance. https://t.co/hw6YKlRzVa — CZ Binance 🔶🔶🔶 (@cz_binance) April 29, 2020
As per the report, the DDoS attack was first flagged by Yi He, the co-founder of Binance, early in the day (April 29), as Binance appears to have made no official statement on the matter as of press time.
Likewise, the two major crypto exchanges OKEx and Bitfinex experienced multiple DDoS attacks in February, which caused some major system outages.
Thus, the DDoS attacks were “properly handled within a short period of time and no overseas client is impacted.”