Newly launched Nft marketplace LooksRare suffered a distributed denial of service or DDoS attack briefly in the late hours of Jan 29, 2022. Following this, the backend team responded in a short time, and within the minutes, the website was restored back again with users applauding the quick response. Some even threw a jibe at its larger competitor OpenSea.
This isn’t the first time the Nft platform has encountered a DDoS attack. On 11 January 2022, just hours after its launch, the LooksRare website became unavailable in the wee hours owing to the DDoS onslaught. Some users complained that they were not able to connect their wallets and list their NFTs.
The team soon had the site back online though it was revealed that the wallet issue persists, with some users still coming up with other tethering problems.
LooksRare massive daily volumes a wash trading?
The manner in which LooksRare debuted this year hogged significant attention form the NFT community. Previously TronWeekly had reported the official launch of the marketplace that featured a vampire-style attack by enabling users to claim its native LOOKS tokens for free in an effort to poach users from the dominant rival OpenSea.
The attempt did manage to rake an eye-popping $105 million in trading volume just one day after it went live. As per data provided in the Dune Analytics dashboard, in a span of just 24 hours, the newbie non-fungible token marketplace has generated 613 ETH [nearly $2 million] in platform fees to be distributed to LOOKS token stakes in the coming hours.
Not only that, the fledgling digital collectibles marketplace has even surpassed Opensea in terms of daily volume in the same time period. Statistics revealed a total of 3,264 Looksrare traders have executed $385.39 million in sales on January 12, 2022, as the platform saw a 1,461% surge in daily volume.
According to CryptoSlam, LooksRare’s trading volume exceeded $8 billion in wash trades on 29 January 2022 but there is more than meets the eye. The platform is loaded with wash trading as users attempt to game the trading rewards model, according to the data aggregator.