- The Cardano network recently came under attack.
- The attack was foiled, and the attacker lost some of its holdings.
Cardano [ADA] recently faced a security threat, but its developers successfully repelled the attack. Subsequent analysis of developer activity on the network showed a slight increase, likely as a response to the incident.
Despite these efforts and the attention surrounding the incident, the price trend of ADA has remained relatively unimpressive.
Cardano foils attack
The Cardano network experienced a distributed denial of service (DDoS) attack on 25th June. The attack was aimed at exploiting the network’s staking mechanism to steal ADA.
According to a detailed post by the CTO of Fluid Token, the attack commenced at block 10,487,530. Each transaction executed during this attack involved 194 smart contracts, with the attacker spending 0.9 ADA per transaction.
By filling each block with numerous such transactions, which utilized “reward” type smart contracts, the attacker managed to send large transactions while minimizing expenditure.
Philip Disarro, the founder of Cardano development firm Anastasia, provided a solution to halt the attack by suggesting the deregistration of the stake credential used by the attacker. Following his post, the attack ceased.
However, Disarro noted that before the attack was stopped, the attacker’s funds had been significantly depleted.
Dev activity shoots up on Cardano
Cardano has been recognized as one of the networks with the highest levels of development activity, a trend that has become particularly evident in recent times.
Analysis of the development activity trend indicates that there was a significant increase in activity shortly before the recent attack.
Specifically, the development activity spiked from around 160 on 23rd June to over 180 on 24th June.
As of the latest data, it has further risen to 190. This level marked the highest level of development activity Cardano has experienced in over a month.
Source: Santiment
This surge in development activity was largely influenced by the recent hack attempt, prompting the developer community to ramp up efforts.
ADA’s struggle to stay up
The analysis of Cardano on a daily time frame chart indicated a recent fluctuation in its price. According to AMBCrypto, on 25th June, ADA experienced a 3.73% increase, with its price reaching around $0.39.
Source: TradingView
Realistic or not, here’s ADA market cap in BTC’s terms
This rise marked a brief deviation from the downtrend it had been experiencing over the previous days. However, this increase was not sufficient to establish a reversal into an uptrend.
As of this writing, ADA was trading at approximately $0.38, having undergone a slight decline of about 0.7%.