Prominent Altcoin Hit by DDOS Attack: Price Melting!

The crypto market started the week flat. Meanwhile, an altcoin project faced a DDoS attack. As a result, he lost close to 10 percent of his cost. Here are the details…

DDoS attack on Loopring

LRC, the local coin of the Loopring ecosystem, has dropped more than 9 percent in the last 24 hours. The coin is underperforming compared to the broader cryptocurrency market. LRC’s poor performance can be attributed to Loopring’s recent attack. The Loopring team announced that it experienced a DDoS attack over the weekend. Koindeks.com As we reported, Loopring has become a recognized platform for storing crypto assets. Over the years, the price of Loopring (LRC) has seen a steady increase as more users have flocked to the platform.

Two days ago, the price of the LRC was rising. But his rise wasn’t long before Loopring issued a statement saying it was intended in a DDOS attack. The Loopring Twitter account shared an update to users today, where it announced that it was exposed to a DDOS attack. In the statement, he used the following terms:

We are currently experiencing a DDOS attack. While it will not affect the security of users’ assets, external services are not available indefinitely. Our engineers are working hard to solve this. We will keep you informed

Network down for 11 hours, altcoin price drops

Although user funds were not affected, the Loopring network was unavailable for 11 hours. The development team then brought the network back online. DDOS (Distributed Denial of Service) attacks are a coordinated effort to prevent people from using an online platform or service. It is unclear why Loopring was intended. However, with the rise in the price of cryptocurrencies, the timing of the influx raises doubts.

According to CoinMarketCap, Loopring (LRC) first started climbing in the early morning hours of November 3rd. It reached a valuation of $0.33 before a brief decline. Subsequently, the Loopring (LRC) began to take off. Just minutes before Coin tweeted about the ongoing DDOS attack, it reached $0.41. At the time of writing, it’s changing hands at $0.32.

Meanwhile, the broader crypto market has also been underperforming so far today. The total crypto market cap is over $1 trillion, down more than 2% in the last 24 hours. Bitcoin is still struggling to surpass the $21,000 resistance level and is trading above $20,700, down more than 2% today. ETH has also dropped 3 percent in the last 24 hours and is currently trading at $1,562 per coin. According to some, technical indicators show that the LRC is underperforming against the broader crypto market.

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