Currency.com’s Robust Security Measures Thwart Attempted Massive Russian (DDoS) Cyber-Attack | First Major Crypto Trading Platform To Pull Out From Russia | Strongly Condemns War In Ukraine

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Platforms will need to be vigilant as sanctions against Russia bite. The crypto trading platform Currency.com has confirmed that they were the victim of a massive cyberattack attempt after suspending operations in Russia last week according to Financemagnates.com.

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,” said Currency.com’s billionaire Founder, Viktor Prokopenya.

“Thanks to Currency.com’s robust security measures, we were able to thwart the attempted DDoS. All our servers, systems and client data remain intact and uncompromised.”

Response to the Russian Aggression

The Russian aggression inside Ukraine’s territory started in late February that followed a barrage of sanctions from the Western governments. These sanctions not only shook the Russian economy but also forced foreign companies with operations in Russia to consider their presence.

Several financial services companies started by suspending the process of onboarding new Russian clients, but they are now suspending their operations entirely from the country and also Belarus, which is the only European ally of Russia.

Denmark-headquartered Saxo Bank recently stopped all services in Russia and Belarus. Other companies like Dukascopy Bank and JustForex also halted their services in these two countries earlier. These are only the trading companies as dozens of other foreign financial and other companies have stopped providing their services in Russia.

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.”

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