Update 11/4/22 at 11:20 a.m. PT: GameStop NFT, which is partnered with Loopring, released the following statement on Twitter about the ongoing DDOS attack:
"The Loopring network is currently experiencing issues & Loopring is actively working to mitigate these issues. Your assets are safe. Users transacting on the Loopring network through our marketplace may experience temporary slow transaction times and inaccurate data retrievals."
Loopring has become a popular place to store and exchange crypto assets. As more users flock to the platform, the value of Loopring (LRC) itself has seen a steady rise. Earlier today, value of the crypto company began to surge. Coincidentally, it wasn’t long after that Loopring released a statement saying that it was being targeted in a DDOS attack.
The Loopring Twitter account shared an update to users earlier today in which it explained that it’s currently being subjected to a DDOS attack. “We are currently experiencing a DDOS attack. While it won't impact the security of users' assets, the external services are temporarily unavailable. Our engineers are working hard to resolve this. We will continue to keep you updated”
DDOS (Distributed denial of service) attacks are a coordinated effort to prevent people from using an online platform or service.
It’s unclear why Loopring is being targeted, but the timing with the company’s crypto value is certainly curious. According to CoinMarketCap, Loopring (LRC) first began to climb in the early morning hours of November 3, hitting a valuation of $.33 before briefly declining. Then, at 6:15 a.m. ET, Loopring (LRC) began to skyrocket, hitting $.41 by 10:40 a.m. ET, just minutes before the company tweeted about the ongoing DDOS attack. The company’s value is still hovering around the $.40 mark at the time of this writing.
While users shouldn’t have to worry about their accounts being compromised and their assets being lost, the DDOS attack will cause issues with those trying to buy/sell, likely frustrating to those looking to capitalize on Loopring’s (LRC) movement today. We await more information on the situation at Loopring, and will be sure to update this article with those details when they become available. Until then, stick with Shacknews as we continue to follow the most interesting stories in crypto technology.