Feeds

China's central bank hit by DDoS after Bitcoin blitz

Reports claim revenge attack after digi-currency restrictions

3 Big data security analytics techniques

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. ®

3 Big data security analytics techniques

More from The Register

next story
Obama allows NSA to exploit 0-days: report
If the spooks say they need it, they get it
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Putin tells Snowden: Russia conducts no US-style mass surveillance
Gov't is too broke for that, Russian prez says
Snowden-inspired crypto-email service Lavaboom launches
German service pays tribute to Lavabit
Mounties always get their man: Heartbleed 'hacker', 19, CUFFED
Canadian teen accused of raiding tax computers using OpenSSL bug
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Call of Duty 'fragged using OpenSSL's Heartbleed exploit'
So it begins ... or maybe not, says one analyst
Heartbleed exploit, inoculation, both released
File under 'this is going to hurt you more than it hurts me'
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.