The DDoS attack on Cardano network began on block 10,487,530 wherein each transaction was executing 194 smart contracts thereby looking to stress the network.
On late Tuesday, June 25, the Cardano blockchain network faced a distributed denial of service (DDoS) attack in an attempt to steal the ADA tokens staked on the Cardano blockchain. However, the attack was unsuccessful as the Cardano team was able to mitigate the impact at the early stage without causing any further damage. Currently, the Cardano blockchain is functioning absolutely normal and safe.
A DDoS attack is a common tactic where an attacker overwhelms a server (or a blockchain) with excessive traffic, disrupting access to online services and websites for legitimate users.
Fluid Token chief technology officer @ElRaulito_cnft shared details of the DDoS attack. In his post on the X platform, he said that the attack began on block 10,487,530 wherein each transaction was executing 194 smart contracts. Reportedly, the attacker spent a total of 0.9 ADA per transaction while filling each block with several transactions in an attempt to stress the Cardano blockchain.
On Block 10,487,530, an attack on the Cardano network began.
🐛 Each transaction executes 194 smart contracts.
🐛 The attacker is spending 0.9 ADA per transaction.
🐛 They are filling each block with many of these transactions.
🐛 The smart contracts used are of type REWARD.In… pic.twitter.com/QUVm0pq0Q8
— elraulito (@ElRaulito_cnft) June 25, 2024
Philip Disarro, founder of Cardano development firm Anastasia, stated that the DDoS attack could be halted immediately by deregistering the stake credential used by the attacker. Shortly after Disarro’s post, the attack was successfully stopped. He said:
“DDOSer halted his attack after reading my tweet in an effort to protect his funds. Alas, they were too late and the pillaging of their funds is already in progress.”
Cardano (ADA) Price Action
As of press time, Cardano’s native cryptocurrency ADA is trading flat at $0.39 with a market cap of $13.9 billion. However, crypto market analysts are predicting a meteoric rally for ADA going ahead. Cryptocurrency analyst Fiery Trading suggested that if ADA continues to trade within its current channel, it could soon reach an explosive all-time high. He noted, “There’s a possibility of ADA going for the top of the channel in the coming bull cycle.” As per the below image, the top of this trading channel comes out at $40.
However, Cardano’s ADA must first breach the level of $1 to trigger any mega bull run ahead.