Cardano is a popular Proof-of-Stake (PoS) Crypto network that is known for its highly stable potential to fight against network load. Charles Hoskinson is the founder of this crypto blockchain. In 2017, Hoskinson launched Cardano blockchain, following 4 years of hard work.
On 25 June 2024, Raul Antonio, CTO of Fluid Tokens, reported a DDoS attack on the Cardano network starting at block 10,487,530. The attacker sent transactions executing 194 “REWARD” smart contracts, spending just 0.9 ADA per transaction to overload the network and attempt to steal staked ADA.
The attack failed midway thanks to the swift actions of Philip Disarro, the founder and CEO of Anastasia Labs, a Cardano-focused development platform. Disarro quickly identified the attack strategy and shared an effective countermeasure on X (formerly Twitter). His prompt response played a crucial role in protecting the Cardano network and preventing the attacker from successfully stealing staked ADA. This incident highlights the resilience and quick-thinking of the Cardano community in defending against security threats.
The attack stopped after the attacker saw Disarro’s tweet and tried to protect their funds. However, it was too late because Disarro and other developers had already started recovering the stolen ADA.
Despite the Cardano blockchain functioning normally, some stake pool operators experienced higher loads and slight delays in transaction times, as reported by Intersect, a Cardano membership group.
Intersect claimed that the attackers were not only planning to steal staked funds; instead, they aimed to halt the Cardano blockchain network.
ADA price action
The current trade price of ADA, a native token of the Cardano blockchain network, is $0.379 & this price is -2.6% down over the last 24 hours.
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