Solana suffers yet another reported DDoS attack

DDoS is said to have occurred during the early hours of Tuesday morning as Solana suffers another outage

The Solana network has reportedly suffered a DDoS attack, with its perpetrator suspected of using spam to conduct the ambush.

Despite the Solana Foundation not publicly commenting on the apparent incident, Colin Wu, a noted Chinese journalist, reported the news on Twitter and followed up his initial tweet by stating the network had fixed the issue after 7 o’clock (UTC+8).

The distributed denial-of-service (DDoS) attack was the third of its kind in the past six months in yet another challenge on Solana’s blockchain.

Leading digital currency asset manager Grayscale added the Grayscale Solana Trust to its list of investment products in November. It released its security report from December 2021 highlighting that Solana was using new blockchain technology that included flaws in the cryptography underpinning the network that could leave it at risk of attack.

A previous DDoS attack was reported in December – an attack that was disputed by Solana co-founder Raj Gokal who claimed an IDO for the NFT game SolChicks was responsible for the heavy congestion experienced.

Repercussions on SOL

When Solana suffered a 17-hour outage of its network due to a flood of transactions in September 2021, the network failure plummeted the price of SOL from $220 to $140.

The recurring downtime of the network hasn’t greatly impacted SOL’s price of late, with the altcoin sitting at $171.55 at the time of writing, according to Coin Rivet market data.

Despite its flaws, Santiment, a crypto metric platform, revealed that SOL’s developer activity has been on the rise with improvements to the network expected to progress further in 2022.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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