Feeds

China's central bank hit by DDoS after Bitcoin blitz

Reports claim revenge attack after digi-currency restrictions

The essential guide to IT transformation

Angry Bitcoin users are suspected of DDoS-ing the website of China’s central bank following tough new restrictions it levied this week which appear to have forced the world’s biggest Bitcoin exchange into meltdown.

Chinese news site 163.com (via The Diplomat) claimed that the People’s Bank of China (PBOC) web site and weibo account were down intermittently yesterday, possibly as a result of a flood of traffic from abroad.

Both appear to be working as normal today, however the bank will do well to prepare itself for a prolonged cyber backlash – there are plenty of digital currency users and traders all over the world with an eye on revenge given recent events in the Middle Kingdom.

It emerged earlier this week that the PBOC had ordered third party payment providers to stop offering clearing services to Bitcoin exchanges, following on from a previous missive on December 5 that banks were also to cease their dealings with the digi-currency.

Although the news has yet to be officially confirmed by PBOC, it seems to have forced the hand of BTC China, the world’s largest Bitcoin exchange, which on Wednesday announced it would no longer be accepting deposits in Chinese yuan.

According to some estimates, approaching half of all Bitcoin transactions in China come from third party payment providers like Tencent’s Tenpay.

The news sent the price of Bitcoin plummeting 60 per cent on BTC from a December 1 high, according to Reuters. The Chinese exchange accounts for around a third of the global Bitcoin trades.

It’s far from game over for the crypto-currency because individuals in China are still legally allowed to buy and sell Bitcoins. They just have fewer options when they choose to do so.

However, traders in the Middle Kingdom were responsible for much of the currency’s surging popularity over the past year and if things are going the way they are and Bitcoin is eventually forced from the PRC, it’ll be another big wake-up call. ®

Next gen security for virtualised datacentres

More from The Register

next story
Ice cream headache as black hat hacks sack Dairy Queen
I scream, you scream, we all scream 'DATA BREACH'!
Goog says patch⁵⁰ your Chrome
64-bit browser loads cat vids FIFTEEN PERCENT faster!
NIST to sysadmins: clean up your SSH mess
Too many keys, too badly managed
Scratched PC-dispatch patch patched, hatched in batch rematch
Windows security update fixed after triggering blue screens (and screams) of death
Researchers camouflage haxxor traps with fake application traffic
Honeypots sweetened to resemble actual workloads, complete with 'secure' logins
Attack flogged through shiny-clicky social media buttons
66,000 users popped by malicious Flash fudging add-on
New Snowden leak: How NSA shared 850-billion-plus metadata records
'Federated search' spaffed info all over Five Eyes chums
Three quarters of South Korea popped in online gaming raids
Records used to plunder game items, sold off to low lifes
Oz fed police in PDF redaction SNAFU
Give us your metadata, we'll publish your data
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?