March 24, 2023

BitMEX undergoes DDoS attack during market crash

The suspension of trading on the BitMEX cryptocurrency derivatives exchange took place on March 13 during the fall of the markets. She led to the fact that the site paid $ 200,000 to injured traders.

In a company blog article, CEOBitMEX Arthur Hayes said that DDoS attacks were organized on the site on March 13 at 2:16 UTC and at 12:56 UTC. In connection with the attacks, the placement of orders on the exchange slowed down significantly, which led to losses.

According to Hayes, on March 13, the botnet launched a DDoS attack.to the site. Using a specially composed request via chat between users of the platform, attackers significantly increased the load on the BitMEX database. At first, experts thought that the problem was in the hardware, but then they discovered the real reason for the download and stopped the DDoS attack.

Then, after 10 hours, the site wasa similar attack was carried out, and in both cases the internal traffic analysis and filtering system blocked the botnet, but the attackers managed to make up a large queue of database queries. BitMEX employees, already ready for this, manually and as quickly as possible cleared the request queue and resumed operation of the site.

BitMEX CEO emphasized that after the check was156 accounts were found that suffered losses due to suspension of trading on the exchange - Stop orders for these clients did not work correctly. In each case, BitMEX calculated and transferred to the trader all the losses incurred. In total, 40.297 BTC (XBT ticker on Bitmex) were transferred to such traders.

Arthur Hayes assured users that personal data, passwords and other important customer information are completely safe.

It was recently reported that a sharp drop in the market helped BitMEX to increase its insurance fund. It has grown to record levels and now stands at 36,493 BTC.