19 Dec 2013

DDoS Attack Hits China’s Central Bank After Bitcoin Ban

Hackers allegedly unleashed a DDoS attack on China’s Central Bank after the institution banned Bitcoin deposits, according to the Diplomat.

The People’s Bank of China (PBOC) web site and Weibo accounts were taken down several times yesterday, shortly after the DDoS attacks occurred, according to Chinese news site 163.com.

"Bitcoin is inherently volatile, but the decision by this large exchange has played a role," Computer Science professor Tyler Moore told USA Today. "Stopping new deposits prevents new Chinese investors from piling more yuan into Bitcoin, eliminating some of the demand."

After the PBOC Bitcoin deposit ban, the value of one Bitcoin fell 60 per cent from the record high set on December 1.

This kind of attacks is difficult to trace and will increase as the PBOC allegedly tries to fight the Bitcoin currency, according to The Register. A significant amount of Bitcoin transactions allegedly take place in China.