New John McAfee Trading Platform ‘McAfeeMagic’ Suffers Hack Attack Moments After Opening
Crypto hacking has continued to be a stinging issue in the crypto industry. With a crypto giant like Binance having had its network infiltrated and losing $40 Million and Ethereum having fallen victim to DOS attacks three years ago, this shows just how good these hackers can get and the extent of damage they can cause to a crypto trading platform.
The cryptocurrency enthusiast, John McAfee’s trading platform is the latest to face the daunting task of fighting off hackers after they infiltrated the platform. The crypto twitter favourite announced that his new platform, McAfeeMagic was hacked barely moments after it was launched this week. The hackers were able to breach the security of the trading platform and compromise accounts.
The hack involves a denial of service (DoS) attack launched by hackers who targeted its servers as reported on McAfee’s Twitter account. The web servers for the “McAfeeMagic” trading platform, were hit with a cloaked High Orbit Ion Cannon (HOIC) DOS attack. This type of attack conceals the IP address making it hard to triangulate the source and works by attacking system URL’s rapidly at the same time while flushing unnecessary data into the system.
After a few hours into the hack, a post by the founder of McAfeeMagic confirmed the platform is back up running and systems functioning normally after being successful in fending off the attackers.
The McAfeeMagic platform is expected to offer its users with secure, efficient and cheap transactions and trading fees. Some of the benefits to come along with McafeeMagic platform are:
- The platform will allow trading for its users across a total of 8 crypto exchanges.
- Implement an over the counter method that will enable conversions of fiat to crypto.
- Try and outdo experienced traders in the industry.
We announced in late March that McAfee is planning to launch the McAfee Freedom coin, a new economic token that has an intrinsic value. The antivirus genius is motivated towards creating a coin with a natural market value and that is not connected to other cryptocurrencies making it intrinsic in value.
He aims to develop a token that does not peg its value to any other asset, whether a currency, cryptocurrency or precious metals. The idea is to come up with a coin that when compared to other cryptocurrencies its value will always be zero.
Though the idea is yet to contextualize into something and with some details still missing out, it is still too early for crypto enthusiasts to judge where this will fall. The release is scheduled to be soon and we can only wait and see how it will impact the industry at large.