Crypto Investing #9 – Why Do Cryptocurrency Exchanges Get DDos Attacks?

Leon: I think that’s the pump that’s going on, and I think Ethers are gonna flatten out for a while here.

Tai: Based on what?

Leon: Well, have you been looking on Poloniex depth chart? People are watching this depth chart, the market depth.

Tai: Yeah let me see, let me pull it up here.

Leon: By the way they kind of a crash today, you know, actually crashed.

Tai: Man, I hope it’s not a bad thing man ‘cuz I just transferred a bunch of Ethers to them.

Leon: Oh that’s not a good idea unless you’re about ready to sell them. Why did you do that?

Tai: So is it up and running now?

Leon: Yeah, but the site’s been really slow all day. I think they’re getting DDoS. That’s what it looks like.

Tai: Hey what is the benefit of someone DDoSing them then?

Leon:

If they want to drive the price down, I mean kind of this really started when they kind of got shut down, you know. The Ether rally I mean, this used to happen all the time at… Remember Mt. Gox and this would happen on the time with Mt. Gox and every time it did, it tanked like $20 or 20-30%, right? And then they get it back up and running again and it went back up.

Yeah, it’s a way to manipulate the market, right, because then you can’t get… okay, so if you DDoS the site, and then you can go ahead and knock the price down and none of the other traders can react.

Let’s say you want to manipulate the price down, what would you do? Let’s say hit the money, right? And you want to knock the price down, what would you do?

Tai: I mean if you have the money, what’s the purpose of you trying to knock the price down? The only reason why you would do that is so that you need the Ethers to do something with it, so you need to collect the Ethers

Leon: Exactly, so let’s say you want to buy Ethers, how do you knock the price down?

Tai: You prevent people from being able to trade it.

Leon: I’m sorry, how do you do that? One way you can do that is you DDoS it.

Tai: Yeah, but do you think that the banks, they would do that?

Leon: What? Doesn’t have to be the bank. It could be any hacker could do that. So when do you want to knock the price down, you DDoS it, right? And that stops people from sending more US dollars and then you can go ahead and you can just knock the price down by selling into the order book.

Tai: But if you are the person doing the DDoS, would that prevent you from being able to access the account?

Leon: No, you can hit it first, right? You hit the price first and it would take you maybe a couple of hundred thousand to move the price down, alright. And then after that, you DDoS it, and that stops everyone else from putting in new orders, alright.

Tai: Oh okay, I see you’re saying.

 

 

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