Crypto

Solana Price Hurting as a Result of Yet Another Attack

Solana Price Hurting as a Result of Yet Another Attack

Solana’s blockchain was recently subjected to a DDoS attack, causing its price to plummet.

Being the alpha dog comes with a lot of targets on your back, and Solana (SOL) appears to be one of them. Over the last 24 hours, the fifth-largest cryptocurrency by market capitalization has claimed another hit on its blockchain. Despite this, it was able to remain online throughout the tragedy.

Solana is the target of a new attack

The nonfungible token (NFT) platform Blockasset, which is based on Solana, first noticed the distributed denial-of-service (DDoS) attack around 3 p.m. UTC on Thursday after experiencing delays in token distributions.

Later, GenesysGo reported the same issue while urging people to remain calm. A DDoS attack occurs when a group of coordinated devices floods a network with bogus traffic to bring it down.

This isn’t the first time Solana has had to deal with a problem like this. The blockchain was down for over 17 hours in September due to a huge booting activity for Solana-based Raydium’s Initial DEX offering.

Because the Solana Foundation has yet to authenticate the attack and its status, no one knows who is to blame.

Solana demonstrated that the network was up and running with no outages.

SOL is currently the fifth largest crypto asset by market value as of press time, but its price has dropped by over 2% in the previous 24 hours and by over 36% since reaching its new ATH of $260.

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Reactions from the Crypto Community

On Twitter, some members of the crypto community say that the Solana network has gone down. “Solana collapsed again and is currently unavailable,” Veribit CEO Roy Murphy tweeted. “Solana has crashed once more and is temporarily unavailable. Engineers are investigating the possibility of rebooting the system.’ You can’t possibly make this stuff up!”

Some users on the Solana Reddit group, r/Solana, believe that the network blockage was caused by another Raydium IDO launch. They stated that Raydium IDOs and launches were to blame for all performance issues caused by Solana’s high volume activities in the previous six months.

One of the subreddit administrators, u/Lainesa, responded that while he couldn’t confirm the link between Solana performance issues and Raydium, he did say that stop-gaps had been put in place since the September incident to prevent a full outage. The moderator stated that while work to prevent these performance concerns is continuing, it is not something that can be implemented in a matter of weeks.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.