The Failed Attempt to Hack Cardano’s Blockchain
Yesterday, the blockchain of Cardano faced a hack attempt aimed at stealing ADA deposits in staking, which ultimately ended in failure for the attacker.
The DDoS Attack on Cardano’s Staking
The attack on the Cardano network was a Distributed Denial of Service (DDoS) attack, with the attacker going by the name DDOSer.
- The attack flooded the network with spam transactions to disrupt access to its services.
- It began at block number 10,487,530.
- Each transaction executed 194 smart contracts of the REWARD type.
- The attacker spent 0.9 ADA per transaction to validate it.
- New blocks were filled with spam transactions to block legitimate transactions.
Despite the attack’s intention, it was executed poorly and quickly identified.
The Humorous Resolution
Philip Disarro, the founder of Anastasia Labs on Cardano, promptly responded to the attack, suggesting that deleting the attacker’s stake credentials would halt the DDoS attack.
- Disarro’s tweet led to the immediate cessation of the attack.
- By canceling the attacker’s credentials, one could claim nearly 400 ADA.
- The Cardano network continued functioning without significant slowdowns.
- Attacks on Cardano’s “liveliness” were deemed futile and wasteful.
- Though the attack aimed to exploit transaction processing, it incurred indirect costs.
- The attacker not only failed to steal but also lost 400 ADA in the process.
Disarro’s humorous response to the attacker’s actions added a comic twist to the incident.
The Impact on ADA Price
During the attack, ADA’s price remained relatively stable, showing minimal fluctuations.
- It currently stands at $0.39, similar to its value seven days ago.
- However, ADA has experienced a 15% loss over the past month.
- Compared to other cryptocurrencies, ADA’s performance is weaker, with a 34% decrease since the beginning of the year.
ADA in the Cryptocurrency Market
ADA’s performance in the cryptocurrency market indicates its struggle to gain momentum.
- While Cardano’s blockchain functions well technically, ADA faces challenges in financial markets.
- The total value locked (TVL) in DeFi on Cardano is significantly lower than other blockchains, indicating limited financial interest.
Hot Take: The Irony of the Failed Attack
In a twist of fate, the attempted hack on Cardano’s blockchain not only failed but also resulted in a loss for the attacker, showcasing the resilience of the network and the community’s ability to thwart malicious attempts.
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