Bitrated faces severe DDoS attack and $3,200 ransom demand

A couple of hours ago, Bitrated, a bitcoin trust platform meant for reputation management and consumer protection has posted a tweet, warning users about an ongoing DDoS attack, carried out in the form of an extortion attempts.

During the last couple of weeks, numerous Bitcoin-related companies, but also other businesses from all around the world have been affected by such attacks. According to a Medium post written by the Bitrated, it seems like they received a warning mail five minutes prior to the commencement of the attack, asking for a total of 7 BTC, worth around $3,200 at the time of writing.

Unlike other extortionists who decided not to stand up to their promise, Bitrated’s servers were attacked for a couple of hours, and were put under a strain of 3.2 Gb/s. In return, DigitalOcean null routed trading on their network infrastructure.

According to Bitrated, the company has an ethic code which makes them unable to succumb to any extortion attempts. They believe that blackmail demands are unethical, and funding the extortionists will undoubtedly lead to further attacks.

Bitrated also mentioned that due to their nature of being a bootstrapped startup, they do not have the financial resources required to counter-attack such demands, which is why the service may be unavailable for a while.

Based on everything that has been outlined so far, what do you personally think about this DDoS attack? Let us know your thoughts in the comment section below.

UPDATE: The DDoS attacks have stopped. Therefore, the platform is available. Bitrated encourages users who wish to do so, to withdraw their funds from the system as soon as possible.

Source: Medium

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