What Is a DoS Attack?
Denial-of-Service attacks (DoS attacks) aim to disrupt access to a target network or web resource by legitimate users. The attack typically involves overwhelming the target web server or network with a massive amount of traffic or sending malicious requests to cause the target resource to malfunction or crash.
The initial recorded case of a DoS attack occurred in February 2000 when a 15-year-old Canadian hacker launched this type of attack against the web servers of Amazon and eBay. Since then, DoS attacks have been increasingly utilized by individuals to disrupt targets across various industries.
Types of DoS Attacks
Denial-of-Service attacks can target a specific individual's access to a network or resource, or aim to render the resource entirely inaccessible. These attacks can last for minutes, hours, or even days. Without proper mitigation strategies in place, businesses that become targets may suffer significant financial losses.
Since different devices and networks have different vulnerabilities, attackers have to be inventive in exploiting them. Consequently, there are various types of Denial-of-Service attacks. Some well-known types of Denial-of-Service exploits include:
Buffer Overflow Attack
Sending more traffic to a target than the system was designed to handle is the most common type of exploit, known as a buffer overflow attack. This attack can cause the targeted process to crash or be interfered with by the attacker.
An ICMP flood attack overwhelms the network by targeting a misconfigured device, which sends fake packets to every node in the network, rather than just one. This attack is also known as "the ping of death" or a "smurf attack."
In an SYN flood, the attacker sends a connection request to a web server but fails to complete the authentication process. The attacker then targets all the remaining open ports on the server, causing it to crash.
DoS vs DDoS Attacks
A Distributed Denial-of-Service (DDoS) attack is another term you may encounter. During a DDoS attack, multiple malicious machines are directed to target a single resource, making it more successful than a DoS attack originating from a single source. Attackers prefer this method because it is difficult to trace the attack back to its source, as the attack originates from multiple points.
Could Cryptocurrencies Be Affected by DDoS Attacks?
Typically, Denial-of-Service attacks have targeted the web servers of large corporations, such as banks, online commercial retailers, and major government and public services. However, any device, server, or network connected to the internet could potentially be a victim of such an attack.
As cryptocurrencies have gained popularity in recent years, crypto exchanges have become a growing target for Distributed Denial-of-Service attacks. When Bitcoin Gold was launched, it experienced a DDoS attack, causing its website to be unavailable for several hours.
Despite this, the decentralized nature of blockchains provides strong protection against DDoS and other cyber attacks. The blockchain is capable of continuing to operate and validate transactions even if several nodes fail to communicate or go offline. Disrupted nodes can catch up with the latest data when they recover and return to work.
The level of protection against these attacks is related to the number of nodes and the hash rate of the network. As the oldest and biggest cryptocurrency, Bitcoin is the most secure and resilient blockchain. As a result, it is less probable for DDoS and other cyber attacks to cause disruptions.
The Proof of Work consensus algorithm ensures that all network data is secured by cryptographic proofs, making it nearly impossible to change previously validated blocks. Altering the Bitcoin blockchain would require unraveling the entire structure record by record, which is practically impossible even for the most powerful computers.
Therefore, a successful attack could only modify the transactions of a few recent blocks for a short period. Even if the attacker controls more than 50% of the Bitcoin hashing power, a so-called 51% attack, the underlying protocol would be updated in response to the attack.
Denial-of-Service attacks have been around for over two decades, and they continue to pose a significant threat to businesses and organizations across various industries. Distributed Denial-of-Service attacks, one of the types of DoS attacks, have become increasingly prevalent in recent years, targeting even cryptocurrency exchanges. The decentralized nature of blockchain technology provides a strong layer of protection against DDoS and other cyber attacks. The Proof of Work consensus algorithm, in particular, makes it almost impossible to alter validated Bitcoin blocks, even for the most powerful computers. However, as the cryptocurrency market continues to grow, it's crucial to ensure that proper mitigation strategies are in place to protect against potential attacks.