Changpeng Zhao, CEO of Binance, suspects that recent DDoS attacks came from competing exchanges that sought to damage the reputation of Binance, rather than steal crypto.
As Zhao said, the attack on April 29 was “well-coordinated,” and focused on making Binance services unavailable in some Asian countries.
Competitors behind the attacks?
Zhao stressed that there are “some tell-tale signs” that such attacks stemmed from competing exchanges.
He added in the statement that the DDoS attacks were more expensive to hackers than to the exchange itself.
CZ provided more details regarding specific DdoS targets:
“The attacks focused on all of our public endpoints in those targeted regions simultaneously. We use a wide range of caching, clustering, and distribution services to optimize the performance of user access from every corner of the world. And for each region, we use different combinations of services and architecture.”
“Black Media” Campaign Against Binance
On the other hand, Zhao claimed there were some well-coordinated efforts against Binance by the “black media,” citing the Chinese industry as an example. There, he claims there is a “whole industry of black media” which is responsible for writing negative articles “until you pay them.”
Binance’s CEO claims that these “black media” accept payments from competitors in Binance to keep writing more negative articles against them.
Following the same line, CZ commented on the following:
“If you have been in the industry for any length of time, you know who they are. It’s common knowledge to the Chinese community too, but somehow the industry still exists. Within 5 minutes of the attacks showing minor impact, long articles about how our services are unreliable and all the negative things you can blame on Binance were published.”
Back to the DDoS attacks, he clarified that last Thursday and Friday there were 2nd wave and 3rd wave attacks, but they had no impact since the exchange had taken steps to defend itself.
Zhao stressed that Binance hit an all-time high in trading volume at the time of the attack, clocking in at the equivalent of $17 billion in 24 hours of trading volume following the attack.
DDoS attacks last March targeted OKEx and Bitfinex, and some suspicions of a possible relationship with Binance’s attack were raised.