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- The Cardano network has successfully repelled a recent cyber attack.
- The incident led to a minor increase in developer activity on the network.
- Despite the thwarted attack, Cardano’s price performance has been relatively stagnant.
Cardano Network Resilient Amid Recent Cyber Attack – Development Activity Rises but ADA Price Remains Unchanged
Cardano Deflects DDoS Attack
On June 25th, the Cardano network faced a distributed denial-of-service (DDoS) attack that aimed to exploit its staking mechanism to steal ADA tokens. The attack commenced at block 10,487,530 and involved transactions utilizing 194 smart contracts, each costing the attacker 0.9 ADA.
Philip Disarro, founder of the Cardano development firm Anastasia, proposed deregistering the stake credential used by the attacker, effectively halting the attack. Though the attacker depleted significant funds by the time the assault was stopped.
Development Activity Surge on Cardano
The recent hacking attempt has shed light on Cardano’s robust development activity. Data indicates an upward spike from a development activity index of 160 on June 23rd to 190 soon after the attack, marking the highest activity rate observed in over a month.
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This uptick can be attributed to the developer community’s response to the security breach, reflecting Cardano’s commitment to network integrity and resilience.
ADA’s Price Struggle
An analysis of Cardano’s daily performance reveals a moderate price increase of 3.73% on June 25th, reaching approximately $0.39. However, despite this gain, ADA’s price has not significantly deviated from its prior downtrend. Currently, ADA trades at around $0.38, reflecting a minor drop of 0.7%.
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Conclusion
The recent DDoS attack on Cardano underscores the network’s vulnerabilities but also highlights the proactive and effective responses by its developer community. As development activity rises, the ADA price remains relatively unchanged, suggesting that while network resilience is commendable, market confidence may take longer to stabilize.
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