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A computer worm that proliferates on Microsoft operating systems and causes 
widespread Internet slowdowns could unleash a second and more virulent 
epidemic on Tuesday 7/31/01, government and corporate anti-virus experts 
warned.

The "Code Red" bug infiltrated hundreds of thousands of computers within 
hours of its first identified outbreak on July 19. The attack forced the 
White House to take evasive action and the Pentagon to halt briefly public 
access to its Web sites.

The worm is designed to spread the first 20 days of each month. On the 
20th, it begins targeting the White House Web site in an attempt to knock 
it off the Internet. Computers harboring the virus are expected to start 
another round of mass infections of other machines Tuesday at 8 p.m. EDT

"The mass traffic associated with the worm propagation could degrade the 
overall functioning of the Internet and impact ordinary users," Ron Dick, 
the director of the National Infrastructure Protection Center, told 
reporters Monday.

http://www.cnn.com/2001/TECH/internet/07/30/code.red/index.html

http://www.sarc.com/avcenter/venc/data/codered.worm.html