Auction-as-a-service provider Bounce Finance has announced its commitment to enhancing auction utilities and system integrity following a recent distributed denial-of-service (DDoS) attack experienced during a public token sale.
The company, through its X account (formerly Twitter), revealed that it fell victim to a coordinated attack orchestrated by miners and highly technical developers, in conjunction with a DDoS attack. This malicious activity disrupted user access and compromised the integrity of the ongoing auction, specifically during the public sale of BitStable’s BSSB token.
In response to the unauthorized acquisition of the majority of the available supply, attributed to a combination of a DDoS attack and the use of multiple wallets directly interacting with the contract, Bounce Finance made the challenging decision to burn 75% of the BSSB tokens involved in the affected auction. This strategic move effectively amplifies the participation cost for the implicated parties by sixfold.
Despite reportedly proxying the affected contract to a new address, concerns were raised by blockchain intelligence firm ChainArgos, noting that the new address lacks verification and publishes no Application Binary Interface (ABI).
Expressing a commitment to robust and secure auction mechanisms, Bounce Finance acknowledged the significance of this incident and the insights gained. The platform is actively exploring enhanced solutions to ensure fair and transparent launches, emphasizing its dedication to maintaining a secure and equitable environment for all participants.
Bounce Finance’s team is already working on additional auction utilities and system improvements as part of measures to strengthen the platform against potential similar incidents in the future.