- The Cardano network was recently attacked.
- The attack was foiled and the attacker lost some of his belongings.
Cardano [ADA] recently faced a security threat, but the developers successfully repelled the attack. Subsequent analysis of developer activity on the network showed a slight increase, likely in response to the incident.
Despite these efforts and the attention surrounding the incident, ADA’s price development has remained relatively unimpressive.
Cardano foils the attack
The Cardano network suffered a distributed denial of service (DDoS) attack on June 25. The attack focused on abusing the network’s staking mechanism to steal ADA.
According to a detailed message from the CTO of Fluid Tokenthe attack began at block 10,487,530. Each transaction performed during this attack involved 194 smart contracts, with the attacker spending 0.9 ADA per transaction.
By filling each block with numerous such transactions, using ‘reward type’ smart contracts, the attacker managed to send large transactions while minimizing spending.
Philip Disarro, the founder of Cardano development company Anastasia, offered a solution to stop the attack by proposing the registration of the ring data used by the attacker. After his post the attack stopped.
However, Disarro noted that before the attack was stopped, the attacker’s funds were significantly depleted.
Developer activity is increasing on Cardano
Cardano is recognized as one of the networks with the highest level of development activity, a trend that has become particularly evident recently.
Analysis of the development activity trend indicates that a significant increase in activity occurred shortly before the recent attack.
Specifically, development activity increased from about 160 on June 23 to more than 180 on June 24.
According to the latest data, it has risen further to 190. This level marked the highest level of development activity that Cardano has seen in more than a month.
Source: Santiment
This increase in development activity was largely influenced by the recent hacking attempt, which prompted the developer community to ramp up their efforts.
ADA’s struggle to stay afloat
Cardano’s analysis on a daily time frame chart indicated a recent fluctuation in price. According to AMBCrypto, ADA experienced an increase of 3.73% on June 25, with the price reaching around $0.39.
Source: TradingView
Realistic or not, here is the market cap of ADA in terms of BTC
This increase marked a brief deviation from the downward trend that had occurred in recent days. However, this increase was not enough to trigger a reversal into an uptrend.
At the time of writing, ADA was trading at around $0.38, after a slight decline of around 0.7%.