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BitMEX announces: Services back to normal after DDoS attack




BitMEX services are back after a DDoS attack
Source: Unsplash

BitMEX, a Bitcoin mercantile exchange platform and one of the leading cryptocurrency exchanges, announced that they were under a DDoS attack 22nd August. The exchange platform is popular in the market for its leverage services. The attack took place while the platform was undergoing a maintenance update.

BitMEX announced on Twitter:

“Services are back to normal. Combination of DDoS and price action caused heavy load on data mirrors. Trading and marketdata feed response times remained normal while data fetches were slow. We are scaling that system and moving it out of the critical path of login.”

The attack led to a huge buzz in the cryptocurrency market as it became a catalyst to the hike in Bitcoin [BTC]’s price. Bitcoin [BTC] had crossed the $6500 mark. Almost $11 billion was pumped into the cryptocurrency market.

It is believed that the jump in the price was because of the DDoS attack on BitMEX. The attack resulted in most of the short positions being liquidated on the platform. The platform had notified its customers that trading will be closed for 30 minutes at 1:00 PM UTC because of maintenance on 21st August 2018.

The price of Bitcoin shot up immediately when the platform closed down for maintenance. The trading service was supposed to be back on the exchange platform at 1:30 PM UTC in cancel only mode. Once the trading service was back, the customers complained that they were unable to access their accounts. After which, the platform announced that they will be closing the service for 5 more minutes. Proceeding this, they announced that they encountered a ‘large DDoS upon restarting web services’.

This eventually resulted in a lot of short positions liquidated in the platform and several customers even unable to access their accounts. Moreover, the short position was trading at their all-time high when the incident occurred. This also drove the market speculators believing that the cryptocurrency market price hike was the result of a short squeeze.

Furthermore, most of the users of the platform accused them of being a scam. The recent reports of BitMEX renting the world’s most expensive offices in Hong Kong acted as a catalyst to the allegations.

Custom Crypto, a Twitterati said:

“I guess yesterday maintenance was to improve it no? Guys if you need some expertise, you may consult with @binance @cz_binance”

Taicoin, another Twitterati said:

“… in addition, all profits through manipulation have been made. “Scratch that last part”. – Arthur Hayes”

NicePeter223 said:

“do not use bitmex, they had many upgrades but it is only upgrading from a shit system to a shittier system”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

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