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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
More on DDoS attacks and different types: https://www.digitalattackmap.com/understanding-ddos/
How your computer gets hacked: https://www.quora.com/Can-I-get-hacked-by-clicking-on-a-malicious-link-What-can-I-do-to-protect-myself-if-I-clicked-on-a-malicious-link
Today we’re going to learn what a DDoS attack is and how malicious actors can use them for their benefit.
So first things first, DDoS stands for: distributed denial-of-service
So this denial of service is referring to users not being able to use the services being offered by a website, or even to access that website at all. What happens is, the hackers overwhelm things like servers and bandwidth with fake users, or requests or transactions to the point where the website can no longer handle the traffic and it crashes. This effectively prevents any genuine user from being able to access the website.
DDoS attacks can come in different forms:
* TCP connection attacks
* Volumetric Attacks
* Fragmentation Attacks
* Application Attacks
* DNS Reflection
* Chargen Reflection
You may be wondering, ok but how does flooding a server interest a hacker that’s after cryptocurrencies. Well my friend, a lot of times hackers use DDoS attacks as a distraction or cloaking mechanism which ultimately lets them perform the real security breach which results in the acquisition of the cryptocurrencies they are after. We see this a lot when big time centralized exchanges get hacked. It turns into a terrible situation for those using the exchange because suddenly they are unable to access their account and when it finally gets cleared up their met with an empty wallet and a sinking feeling in their stomach.
There’s a reason why we’ve seen so many popular exchanges getting hacked. It’s because they are popular, meaning many people are using them, meaning many people are also storing their cryptocurrencies on them. This is the perfect honey pot for a hacker to target. Although now we are finally seeing most exchanges using cold storage for a majority of the coins that they store, they also need to provide liquidity for the users of that exchange, this means some coins will need to stay in a “hot” wallet for quick turnover.
Bottom line is this, if you store your coins on a centralized exchange, if you have never come across a thing called a private key or seed phrase, you are relying on that exchange to store your coins for you. You are playing Russian roulette with your investments. There is an easy fix for this and I’ll be making another video on it in the very near future, but this is me urging you to begin exploring other options for storing your cryptocurrencies.