Cryptocurrency

Wiess Ratings overcomes cyberattack to release first cryptocurrency ratings

Weiss Ratings - cyberattack
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Wiess Ratings, a leading US independent financial rating agency, battled through cyberattacks to become the first rating agency to grade a range of cryptocurrencies.

The company released its ratings on 24 January.

The ratings are based on a model that analyses thousands of data points on each coins underlying tech, as well as its usage and trading patterns.

“Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide,” said founder, Martin D. Weiss.

“We’re proud to be the first to bring that benefit to investors – to help them cut through the hype and identify the few truly solid cryptocurrencies. Our ratings are based on hard data and objective analysis. But they’re bound to create controversy, including some grades that may come as a surprise to some people.”

The company escribed the following ratings (for more, you can visit the company site):

  • Bitcoin received a C+, mainly for its “excellent” security and its widespread adoption, although major network bottlenecks and high transaction costs were cited as major problems
  • Ethereum received a B rating as it benefits from “more readily upgradable technology and better speed, despite some bottlenecks”.

Fending off DoS

The company had its work cut out for it as it came under repeated denial of service (DoS) attacks from Korea. There were numerous mentions of the company on Korean social media with calls for a concerted effort to bring the Weiss site down.

The social media posts showed that Korean investors feared that the company was going to release negative ratings on a range of popular cryptocurrencies.

As well as people trying to crash the company’s servers, there was also a surge in the amount of friendly traffic. Over 100,000 unique visitors came to the sit in a number of hours, all of which created a challenge for staff.

“Despite extreme price volatility, cryptocurrencies have a bright future and the potential to deliver unusually large profits to investors,” said Weiss.

“However, the market is hectic and confusing for investors. They need the clarity that only robust, impartial ratings can provide.”

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