Cardano Network recently faced an attack. The attack was thwarted, and the attackers lost some of their assets.
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, which may be a response to the incident.
Despite these efforts and the attention drawn to the incident, the price trend of ADA remains relatively unremarkable.
Cardano Foils Attack
The Cardano Network experienced a Distributed Denial of Service (DDoS) attack on June 25. The attack aimed to exploit the network’s locking mechanism to steal ADA.
According to a detailed post by the Chief Technology Officer of Fluid Token, the attack began at block 10487530. Each transaction executed in this attack involved 194 smart contracts, with the attacker spending 0.9 ADA per transaction.
By filling each block with a large number of such transactions using “reward” smart contracts, the attacker was able to send a significant amount of transactions while minimizing expenses.
Philip Disarro, the founder of Cardano development company Anastasia, suggested revoking the equity certificates used by the attackers, providing a solution to halt the attack. After his intervention, the attack stopped.
However, Disarro pointed out that the attacker’s funds had been severely depleted before the attack came to a halt.
Surge in Developer Activity on Cardano
Cardano has been recognized as one of the networks with the highest level of development activity, a trend that has become particularly evident in recent years.
Analysis of the trend in development activity indicates a significant increase shortly before the recent attack occurred.
Specifically, the development activity surged from around 160 on June 23 to over 180 on June 24.
As of the latest data, this number has further risen to 190. This level marks the highest level of development activity experienced by Cardano in over a month.
The surge in development activity has been largely influenced by the recent hacker attack, prompting the developer community to intensify their efforts.
ADA Struggles to Sustain Gains
Analysis on the daily timeframe chart of Cardano shows recent price fluctuations. According to AMBCrypto data, on June 25, the price of ADA rose by 3.73% to reach around $0.39.
Whether real or not, the following is the ADA market value in BTC terms.
This increase marks a temporary deviation from the previous downward trend in the past few days. However, this growth is not sufficient to reverse the upward trend.
At the time of writing this article, the trading price of ADA is approximately $0.38, experiencing a slight decline of about 0.7%.
