Active users increased by 600%, transaction volume soared by 640%, and P network suffered continuous DDoS attacks

Over the past few weeks, many traders have complained about slow execution times on Poloniex, a well-known US cryptocurrency exchange. The exchange said it has been hit by a large number of DDoS attacks.

P network suffered continuous DDoS attacks for several weeks

Recently, many users on major social media platforms and cryptocurrency forums have been complaining about P2P. When the digital currency Ripple (XRP) began to show its first bullish trend in April this year, P2P was complained by many users for downtime and transaction execution issues. One user said that he thought P2P was overwhelmed by the surge in all cryptocurrencies.

“I think they were just overwhelmed. There were a lot of new users, new exchanges, and a lot of additional pressure on their systems and cryptocurrencies that they had never seen before.”

Since then, P.Net has stated that the platform has experienced a large number of DDoS attacks and a large influx of new users. On April 2, the exchange told users that they were aware of the service connection issues that had occurred on the platform.

The platform explained, “We are aware of the connectivity issue and are working to fix it as quickly as possible.” P-Net detailed on its official Twitter account that the platform experienced connectivity issues on May 7, 8, 12, and 13, and even a price limit issue on the 16th.

In a Twitter announcement on May 13, P-Net stated:

"We are experiencing continuous DDoS attacks, which inevitably affects other aspects of our operations. We are doing everything we can to mitigate the problem."

The number of active traders on P.net surged by 600%, and trading volume increased by 640%.

PNet also stated that transactions in many cryptocurrency markets on their trading platform have seen significant growth.

P Network said:

“Since January, we have seen an increase of over 600% in the number of active traders on our platform, and a 640% increase in the number of daily trades.”

P.Net also stated:

“Exchanges have seen such a huge influx of users opening accounts in a short period of time, and yet the need to meet compliance obligations means that only these registration processes can be automated.”

“In addition, experienced traders stepped up their buying and selling activity. Trades were constantly being opened and closed. With the high trading activity and the expansion of the user base, the exchange’s staff and support could only grow as fast as the human resources it could recruit.

Commitment to continue strengthening platform trading capabilities

Data shows that in the past four months, the trading volume of P-net has been skyrocketing. According to CoinMarketCap data, the daily cryptocurrency trading volume of this trading platform has reached about 291,917 BTC (about 506 million US dollars). Currently, the digital asset with the highest trading volume on the exchange is Ripple (XRP) - the 24-hour trading volume has reached 204 million US dollars. The daily trading volume of nearly 500 million US dollars is not a small amount, and P-net said it will continue to "work hard to expand the trading capacity of the platform."