The Cardano blockchain has been targeted by a distributed denial of service (DDoS) attack that sought to infiltrate the network and steal tokens.
The blockchain showed much resistance to this attack, with the threat actors failing to cripple it. Moreover, no damage was caused.
The price of Cardano’s native token (ADA) has also shown much resilience. ADA is down slightly by 0.3% in the last 24 hours to trade at $0.38 at 03:10 a.m. EST.
Cardano Blockchain Unfazed After DDoS Attack
According to the Chief Technology Officer at Fluid Token, the DDoS attack started at block 10,487,530, with every transaction executing 194 smart contacts.
The threat actor spent 0.90 ADA for every transaction, with the low fees allowing them to fill every block with as many transactions as possible. The heavy traffic was aimed at overloading the network and possibly causing congestion.
DDoS attacks are a popular form of threat. When such an attack happens, a hacker will swarm a network with malicious traffic to ensure everyday users cannot access it. This allows the threat actor to conduct another attack to exploit the network.
Cardano developer Philip Disarro commented on this recent attack, saying that the hacker could be stopped by deregistering the stake credential.
Shortly after Disarro said there was a way to stop the attack, the hacker stopped to protect funds, but they had already encountered losses.
Another Cardano developer, Intersect, noted that while some transactions were affected, the whole Cardano blockchain operated as expected.
“The network has experienced a higher load than normal… However, the chain as a whole is functioning as expected, with only a small impact on overall transaction timings and some reduction in chain density,” the developer said.
The recent attack comes as the Cardano blockchain readies for a significant upgrade. Previously, Cardano founder Charles Hoskinson noted that the Chang hard fork would go live later this month.
The recent ability of the Cardano network to withstand a DDoS attack has renewed confidence in the network.
ADA Price Analysis
A look at the ADA price movement demonstrates that bulls have entered the market amid renewed confidence around the Cardano blockchain.
The Relative Strength Index (RSI) at 58 shows buyers now take control of the price action. However, the profit-takers are still in the market, given that the RSI briefly touched 75 after being heavily bought before a sharp drop.
The Moving Average Convergence Divergence (MACD) line further confirms the bullish thesis. The MACD line has crossed above zero, with the histogram bars turning green. This trend is signaling a potential bullish momentum and a buying opportunity.
One bullish analyst on X, “Dan Gambardello,” notes that the price of ADA appears to have bottomed. The analyst notes that the price could be headed to a notable uptrend.
