Fintech firm Trading 212 announced today that its platform has recovered from the distributed denial-of-service (DDoS) attack and restored trading for users. The platform is now operating normally.
DDoS attack on the system
The broker, regulated by the Financial Conduct Authority (FCA) said that it underwent a DDoS attack because of which its systems were paralyzed because of an onslaught of information. Its team was able to resolve the problem within an hour. It said that the third-party protection service is not working properly but users are able to resume normal trading activity.
The firm tweeted,
“We were a subject of a DDoS attack and the third-party protection service didn’t work properly. We are working on resolving it as soon as possible. Any updates or additional information will be announced in a timely manner.”
Limited impact on the system
The firm suffered a limited impact from the disruption. It noted that the client shares or their account information were not compromised during the attacks. The attack caused a small breakdown in connections and users were barred from logging into their accounts. The IT department of the company did not provide much details of the attack or explain the issue to the users. They quickly restored normal operations and informed users that their assets and personal information are safe.
Trading 212 has been witnessing increased account activity. This year, it added 400,000 new accounts and the number of funded accounts also increased to 600,000. With this number, it has become the second-largest retail brokerage in the UK. They currently manage 1 billion in client assets. It was the first broker in the UK to offer commission-free trading. It provides forex, stocks, ETFs, and derivatives for trading.
DDoS attacks have become very common in the financial markets as bad actors disrupt services by flooding the trading platforms with unusual amounts of traffic. New Zealand based registered securities exchange NZX also experienced a similar attack in August because of which the platform went down for almost a week.
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