Connect with us

Outage

Tether confirms DDOS attack on tether.io

Published

on

Tether confirms DDOS attack on tether.io

Tether confirms DDOS attack on tether.io Liam ‘Akiba’ Wright 路 54 seconds ago 2 min read

The Tether website has to turn on “under attack mode” as it receives 400,000% increase in requests via DDOS attack.

2 min read

Advertisement

Updated: June 19, 2022 at 1:12 am

Cover art/illustration via CryptoSlate

馃憢 Want to work with us? CryptoSlate is hiring for a handful of positions!

Tether CTO, Paolo Ardoino, has confirmed that the Tether website, tether.io, is currently suffering a DDOS attack. The number of requests for the website increased from 2,000 to 8,000,000 every five minutes early on Saturday morning, June 18. The chart below showcases the increase in requests.

Advertisement
Source: Twitter

Ardoino confirmed that the 鈥渁ttack is now mitigated,鈥 but they are 鈥渓eaving the 鈥業鈥檓 under attack mode鈥 enabled鈥 to mitigate further risk. According to the Tether CTO, the additional security move 鈥渨on鈥檛 affect the ability of redeeming,鈥 according to the Tether CTO.

Under attack mode

鈥淚鈥檓 under attack mode鈥 is a feature of Cloudflare鈥檚 DNS management service that protects websites from DDOS attacks by forcing users to complete an additional step to access the website. For human users viewing the website through a standard web browser, this results in a few-second delay while the browser completes a javascript challenge.

If the browser cannot complete the challenge, then the user may be required to complete a captcha to get to the website. However, DDOS attacks are often conducted using remote servers making requests on the website from outside of a browser.

These methods will fail the challenge request and thus get kicked before even reaching the server. Here, Cloudflare handles all the excess demand leaving the website free to perform tasks as usual. Ardoino also confirmed that the reason for the issue was that 鈥渋t takes a bit of time for the auto-scale to adjust.鈥 In this, he refers to the ability of the server behind the website to scale up resources to cope with the unexpected increase in demand.

Earlier on Saturday, Paolo tweeted, 鈥淚t will be a long weekend,鈥 but it is unlikely he expected it to be due to an attack on Tether鈥檚 website.

Advertisement

adoption

STEPN new Anti-Cheat is flagging users as bots

Published

on

STEPN new Anti-Cheat is flagging users as bots

STEPN new Anti-Cheat is flagging users as bots Liam ‘Akiba’ Wright 路 32 mins ago 2 min read

GameFi

Popular move-to-earn app STEPN has released a new ANTI-CHEAT mechanism to combat fraud. However, the update has been affected by a DDOS attack.

Advertisement

2 min read

Updated: June 5, 2022 at 4:32 am

Cover art/illustration via CryptoSlate

馃憢 Want to work with us? CryptoSlate is hiring for a handful of positions!
Advertisement

A new update has been released for the popular move-to-earn application, STEPN, that adds a complex ANTI-CHEAT mechanism to the game. The game, which recently announced it would remove GPS support in China, had to be taken into maintenance for several hours to implement the change.

Unfortunately, some users have been identified as bots via the new system due to a DDOS attack on the server. The official STEPN account announced,

鈥淲e sincerely apologize to all the users who have been identified as bots. The moment this issue came to our knowledge, we started work on it immediately鈥 due to a 25 million DDOS attack sent to the server within a short period of time. Due to network congestion, AI cannot receive user information and identify them as bots.鈥

The application is reportedly back online as 鈥渄ata transfers have reopened and鈥 also improved the rules and formulated processing and identification rules.鈥 The report also stressed the need for an anti-cheating update, stating,

鈥淭he anti-cheating update may seem small, but it is actually an important cornerstone of STEPN鈥檚 long-term development.鈥

The primary issue with most play-to-earn is whether the economy is sustainable as user numbers increase. Reducing the number of fraudulent users will be a part of its efforts to secure a lasting economy within the game. Users earn tokens such as GST by walking, jogging, or running while using the application. The game is unlikely to succeed if players can generate an inflated number of tokens through bots and GPS spoofing. Limits are put on the number of tokens earned within a certain period.

However, the return on investment is still positive and thus attracts opportunists. Theoretically, it should be plausible to create bot accounts loaded up with sneaker NFTs and spoof both GPS and gyroscopic to earn tokens. Farms of bot accounts earning tokens and dumping them on the market could negatively affect the ecosystem.

Advertisement

Further, the ability to use bots to earn tokens in STEPN invalidates the concept of the application. The game should be able to detect the difference between a bot and a real human player, which is what the new update attempts to achieve.

Continue Reading

bug

Solana falls below $40 as network suffers another outage

Published

on

Solana falls below $40 as network suffers another outage

Solana falls below $40 as network suffers another outage Oluwapelumi Adejumo 路 1 hour ago 2 min read

Solana 鈥 Outage

Solana has suffered seven outages in the last 12 months, piling further pressure on the network.

Advertisement

2 min read

Updated: June 2, 2022 at 11:13 am

Cover art/illustration via CryptoSlate

馃憢 Want to work with us? CryptoSlate is hiring for a handful of positions!
Advertisement

Solana鈥榮 value fell 12% on June 1 after the network went offline for more than four hours.

The outage is the second time such an event has occurred in the last 30 days.

The outage was caused by a bug that stopped block production. Solana Status on Twitter revealed the blackout and instructed validators to restart the network using instructions from the account.聽

Mainnet Beta Validators: Please follow the restart instructions linked below, and upgrade 1.9.x to 1.9.28 鈥 If you are on 1.10.x please upgrade to 1.10.23https://t.co/gBAOPrpnNe

鈥 Solana Status (@SolanaStatus) June 1, 2022

Bug causes latest Solana outage

Solana Labs co-founder Antony Yakovenko explained what happened. He said:

Advertisement

Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed.

tldr:

Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed. Network is restating with durable nonce feature disabled. Fix for durable nonces will be out asap. https://t.co/5gZnpCp36N

鈥 T鈼巐yxNFT, 馃嚭馃嚫 (@aeyakovenko) June 1, 2022

The network鈥檚 official documentation states that durable nonce is the mechanism that addresses the short lifetime of a transaction blockhash. A bug in this feature led to nodes generating different outputs.

Over the past 12 months, the network has suffered seven other outages, enough to generate FUD around its native token. The latest outage piles more pressure on the Solana dev team.

In May, it suffered degraded performance and service disruptions eight times. It also went down after non-fungible tokens mining bots overwhelmed its network in April.

Meanwhile, the latest outage led to a price slump for Solana. The asset鈥檚 price has now fallen below $40. According to CryptoSlate data, SOL has lost almost 85% of value since hitting an ATH in November 2021.聽

Advertisement

Doubts begin to build around Solana

Solana is one of the few networks that rode on the crypto community鈥檚 need for a scalable and cheaper alternative to Ethereum聽and found wide acclaim and adoption.

While the blockchain has enjoyed significant adoption, as can be seen in its burgeoning NFT space, its recurrent outages leave doubt in the mind of investors.

A crypto community member described it as the Windows vista of the blockchain, while another urged the team to get its acts together.

The Windows Vista of blockchain world

鈥 letsgotweet (@letsgotwitt_er) June 1, 2022

On May 26, the network revealed that its blockchain clock was slower, running about 30 minutes behind real-world time. This means that its promise of faster transactions might not be entirely accurate.

Advertisement

All these issues have left many skeptical about its potential. But there are still those who think all of these issues are just a bump in the road.聽

NFT trader, DegenSwings said,

Every blockchain goes through cycles of adoption鈥 I believe that Solana is going through a cycle which other networks have seen before, Bitcoin in 2013 and Ethereum in 2017.

Every blockchain goes through cycles of adoption, each network grows and it gains users which measured by wallets.

I believe that Solana is going through a cycle which other networks have seen before, Bitcoin in 2013 and Ethereum in 2017.

Let’s see some data 馃У

1/6

鈥 DS 鈼庛奣YR銆 (@DegenSwings) June 1, 2022

Advertisement

Posted In: Solana, Outage

Continue Reading

DeFi

Insurance protocols are paying out millions to UST holders

Published

on

Insurance protocols are paying out millions to UST holders

Insurance

DeFi insurance is saving millions of dollars for users who decided to take out cover against a UST de-peg

2 min read

Advertisement

Updated: May 14, 2022 at 3:34 am

Cover art/illustration via CryptoSlate

InsurAce, a DeFi insurance platform that offered cover against a UST de-peg event, has confirmed that they will be paying out $12 million in USDT to users who hold a valid policy. The CMO of InsurAce, Dan Thomson, confirmed to us directly that 鈥渨e鈥檒l payout and recover fast.鈥 Thomson went on to say,

鈥淭his shows the importance of insurance in the industry and in any smart investor鈥檚 strategy.

Crypto is never risk free but there are ways to reduce risk. This is why we founded InsurAce, to make crypto safer for everyone.鈥

Advertisement

InsurAce explains what happened and how to make a claim if you hold a valid policy in a blog post. A claim can be made when 鈥渢he TimeWeighted Average Price (TWAP) 10-day average drops below $0.88.鈥

This event occurred at 5:00 am聽UTC on 13th May 2022 and has been acknowledged by InsurAce. The process for making involves proving ownership of both a valid policy and either UST or UST derivative tokens such as aUST at the time of the de-peg.

InsurAce also asks customers who bought a policy and did not have UST in their wallet at the moment of purchase to contact them if they did hold it at least ten days before the de-peg event. While it is not guaranteeing it will pay out to these customers, it states,

鈥渨hilst not explicitly covered by the policy, we aim to keep open communication with this issue, particularly due to the complex nature of the event.鈥

All eligible cover holders must submit their claim request by May 20th, 2022, 23:59:59 UTC via the email found on their website.

Protocols that aren鈥檛 paying out (yet)

This compares extremely favorably to the other leading UST de-peg insurer, Unleashed Finance, which is not yet paying out. This is because their policy states that UST must trade below TWAP of $0.87 for two weeks.

Advertisement

Investors who have taken that policy will have to wait a while to be able to start their claim process. A community moderator from Unslashed Finance has informed us that claims will still be eligible after two weeks if the Terra blockchain is halted again, and thus trading stops.

On Twitter, Unleashed Finance state that they are 鈥渓ikely鈥 to pay out in the next two weeks but urges users; 鈥渄o not sell your UST as the conditions of the claim are not yet fulfilled.鈥

Another DeFi platform, Nexus Mutual, offers protocol insurance 鈥渁gainst a loss of funds, not a loss of value.鈥 Therefore, its Anchor insurance is unlikely to payout. It does not offer UST de-peg insurance.

Advertisement
Continue Reading

Trending

Get our daily News updatesSignup to get instant updates straight to your email