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NZX Underwent Power Outage Caused Due to Multiple Cyberattacks, Trading Halted


New Zealand’s stock market exchange came to an abrupt halt after being hit by cyberattacks multiple times over a week, blocking the access to its website and resulting in a major power outage caused due to a distributed denial of service (DDOS) attack from overseas, state-backed adversaries.

The unknown attackers put to work a group of computers and bombarded the NZX website with requests to connect by commanding these computers, which resulted in overloading the exchange’s servers and shutting down its website.

The systems harnessed to instigate the attack probably belonged to innocent businesses that would have been exploited by the malware earlier. The owners of these compromised computers have most likely stayed oblivious to the fact that they have been hijacked to facilitate a cyberattack.

On Wednesday, the Wellington-based NZX exchange issued a statement wherein they explained how the Tuesday attack affected their websites and the market announcement platform. Blaming the attack on overseas adversaries, the NZX said that it had “experienced a volumetric DDoS attack from offshore via its network service provider, which impacted NZX network connectivity”.

“A DDOS attack aims to disrupt service by saturating a network with significant volumes of internet traffic. The attack was able to be mitigated and connectivity has now been restored for NZX,” the exchange further said.

While commenting on the matter, Dr. Rizwan Asghar, from the school of computer science at Auckland University told that it was difficult to trace the source of such a cyberattack as the threat actors exhibited a tendency to hide their IP addresses.

To combat the attacks, New Zealand’s spy agency, The Government Communications Security Bureau (GCSB) was sought by the NZX; by Friday GCSB constituted a group to investigate the matter which concluded that the motivation of the DDoS attack seems to be financial rather than political as claimed by few.

The findings of the investigation denied the involvement of state-backed agents in the attacks by stating that, "The nature of this tends to be a criminal activity rather than state-backed. You can't rule it out but it's more likely than not to be criminal activity."

Bitcoin Prices Are Off The Charts!


Bitcoin, our favorite digital currency has experienced a certain kind of unbelievable hike, all of a sudden. It has profited across several markets with a spike of 12% in its price solely in the last week, mention sources.

Word has it that the Bitcoin price has risen around 6% in the last 24-hour trading duration, overtaking next to all main indices, even the stocks throughout Asia and Europe.

Bitcoin and other forms of digital currency including cryptocurrency have escalated around the globe owing it to the Coronavirus lockdowns.

Per sources, The Bitcoin price has outgrown the $7,000/Bitcoin level and is ascending to “$7,170 on the Luxembourg-based Bitstamp exchange”.

As if they knew things were going to go south, the Bitcoin investors were up and about right from the start of this year. In fact, surveys indicate that the Bitcoin price has a high probability of rocketing up to $20,000/Bitcoin in 2020.

The basic foundational facets for a better Bitcoin system exist today owing to various developmental projects in the crypto industry. An in case of such massively unprecedented crisis investors would want to fall back upon digital currency

Asian and European markets furthered their reserves by 3% and 2-4%. Researchers mention that Bitcoin purchases could have a positive effect on the stock markets.

History has it that the Bitcoin price has seen a major upswing before from a low $1,000 to a high $20,000 in a matter of a year.

Investors are in genuine awe with this ascent in the prices of Bitcoin and see this as a new opportunity for cryptocurrency in general because of the fresh interest the market has shown for it.

Per analysts, this year investors may need to rethink their current cryptocurrency store and even pile up more of it in case of increased demand because of risk assets.

Everyone understands that if the things were to stay the way they are there is a strong chance for a longer period of intense recession.

This has given birth to questions regarding the effect of COVID-19 on the economy and the part Bitcoin could play in it.