Between November 8 and the early hours of November 9, 2022, SwissQuote, a popular Switzerland broker, experienced a distributed denial-of-service (DDoS) on its trading platform. This disruption caused an outcry amongst its global clientele as they could not access the trading platform and their trading accounts.
This outcry is expected, especially when there has been a lowdown on the cryptocurrency market and the general decentralized network. This is the first time a system disruption has occurred since the trading platform was launched.
Details of the DDoS Attack
SwissQuote openly verified and reported the distributed denial-of-service (DDoS) on its network on November 9, 2022, via a tweet from its official account on Twitter. The broker affirmed that it had a service outage due to a DDoS assault on its systems.
The released statement on Twitter read, "SwissQuote experienced a significant DDoS attack yesterday and partly today. The attack and the defense response set off by our IT systems and Internet providers impacted the accessibility of our platforms and services.
To douse the tension amongst its users on Twitter, the statement via the company's account further read," The systems are up and running. However, because the system is returning to normal, some specific services may still be delayed. We deeply regret this interruption and apologize for any trouble it may have caused. We appreciate your support and loyalty.
Traders were alarmed by the DDoS assault, which interrupted the platform's server's regular activity. Traders claim the platform was bombarded by internet traffic from hacked and interconnected Computer systems. This has left many traders concerned about the safety of their investments. (ASIC Warns Against IPO Investment Scams)
To allay the fears of its clientele, SwissQuote Media Relations Manager Nadja Keller made a public statement affirming the safety of invested funds. In his words, "Client's safety is paramount at SwissQuote and was never at risk. Our operational procedures are regularly reviewed and updated at all times."
SwissQuote is a prestigious online forex and CFD trading platform. The company provides its trading platform and other financial services via market research, webinars, MT4, and MT5. It also offers over 400 forex and CFD products on award-winning platforms to over 360,000 customers worldwide. (SwissQuote Breaks Into The Dubai Financial Market After Getting Access To Securities Listed On The Market)
The latest SwissQuote development comes a few weeks after the company achieved significant milestones. The broker launched SQX, a cryptocurrency exchange, and got access to stocks listed on the Dubai Financial Market. SwissQuote continues to expand its overall client base despite a declining net revenue in August 2022.