Auction-as-a-service provider Bounce Finance says it is “working on additional auction utilities and system improvements” after it suffered a distributed denial-of-service (DDoS) attack during a public token sale earlier today.
According to the company’s X (formerly Twitter) account, it fell victim to “a coordinated attack orchestrated by miners and highly technical devs alongside with DDOS attack” which “disrupted user access and affected the auction’s integrity.”
The attack happened during the public sale of BitStable’s BSSB token and, according to the decentralized protocol, saw “an unauthorized party acquiring the majority of the available supply.”
It said that the issue was caused by a combination of a DDoS attack and the use of multiple wallets interacting directly with the contract. In response, it has made the “difficult decision” to burn 75% of the BSSB tokens involved in the auction. This apparently “effectively multiplies the participation cost for the implicated parties by sixfold.”
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On its end, Bounce reportedly proxied the affected contract to a new address, however, according to blockchain intelligence firm ChainArgos, the new address “is not verified and publishes no ABI.”
“We recognize the importance of robust and secure auction mechanisms,” Bounce said via X. “This incident, while unfortunate, has provided valuable insights. We are actively exploring enhanced solutions to ensure fair and transparent launches.
“Our team is dedicated to maintaining a secure and equitable environment for all participants. We’re already working on additional auction utilities and system improvements. These measures aim to fortify our platform against similar incidents in the future.”