Currency.com Confirms ‘Failed’ Russian Cyberattack Attempt

Currency.com confirmed that the crypto trading platform suffered a massive cyberattack attempt after it suspended its operations in Russia last week.

The platform suffered a failed distributed 'denial of service' (DDoS) cyber-attack last Tuesday, it said in a press release shared with Finance Magnates. In addition, it stressed that the attack was unsuccessful and that all customer accounts and data are safe.

In a DDoS attack, the hackers bombard a platform with multiple requests for its services, thus crashing its infrastructure. Earlier, Ukraine’s President Volodymyr Zelensky said that Russian hackers targeted the country’s defense ministry and finance sector with DDoS attacks.

“Currency.com has identified security as a big concern for investors when choosing a trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term,” said Currency.com’s billionaire Founder, Viktor Prokopenya.

“Thanks to Currency.com's robust security measures, we were able to thwart the attempted DDoS attack DDoS Attack A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources Read this Term. All our servers, systems and client data remain intact and uncompromised.”

Varying Views of Crypto Platforms

Currency.com offers cryptocurrency trading services across Europe. The platform is owned by the Belarusian-originated billionaire and operates from its offices in London, Gibraltar and Vilnius.

It became the first major crypto trading platform to pull out from Russia amid the invasion of Ukraine by the Russian army. Other crypto exchanges like Binance and Coinbase decided to continue operations in Russia, but only to halt services for sanctioned individuals and entities.

Prokopenya confirmed that the customer support staff of his crypto platform were bombarded with abusive calls and death threats after the platform decided to suspend its Russia operations. And, then came the cyberattack attempt.

Moreover, he said that Currency.com had faced attempts of cyberattacks before, but it was ten times more intense this time.

“Currency.com has robust security measures and has never been hacked,” Prokopenya added. “Currency.com will further test and enhance its systems and processes to ensure it continues to remain robust and resistant to potential cyber-attacks. Currency.com strongly condemns the war in Ukraine.”