Category: Crypto News

Categories
Cardano COTI Crypto News iExec RLC Market Analysis Trading

Top 3 Coins to Watch Today: ADA, COTI, RLC – April 27 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 9th cryptocurrency globally and the current price is US$0.8328. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 55% drop during Q1 found a low near $0.7935 during mid-March before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.8815. A sustained bullish move may target the swing high at $0.9622. If this stop run occurs, a run beyond the high into probable resistance near $1.10 and $1.15 is possible.

Bulls could buy a retracement to possible support near $0.8145, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.7925. 

However, relatively equal lows near $0.7757 and $0.7522 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7347 and $0.7152.

2. Coti (COTI)

COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions, as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.

COTI Price Analysis

At the time of writing, COTI is ranked the 185th cryptocurrency globally and the current price is US$0.2209. Let’s take a look at the chart below for price analysis:

Source: TradingView

COTI‘s rally during H2 2021 broke down in November and has since been in a bearish trend on the daily chart. The price recently swept lows below a contested area at $0.1942, which prompted a rally during the last week into resistance at the 40 EMA near $0.3148. 

It remains to be seen whether this contested area from $0.2073 to $0.1910 can support a retest.

Unless the overall market turns bullish, a bearish continuation to possible support near $0.2155 – just under the 79.6% retracement level – seems likely. This area has sparked multiple consolidations.

A break of this level might continue to possible support near $0.1799, where the H2 2021 rally began accumulating before its run.

If the market continues its rally, breaking through resistance near the 2021 yearly open, the macro range highs near $0.3415 might provide the next resistance.

3. iExec Rlc (RLC)

iExec RLC claims to have developed the first decentralised marketplace for cloud computing resources. Blockchain technology is used to organise a market network where users can monetise their computing power, applications and datasets. By providing on-demand access to cloud computing resources, iExec is reportedly able to support compute-intensive applications in fields such as AI, big data, healthcare, rendering, or FinTech.

RLC Price Analysis

At the time of writing, RLC is ranked 147th cryptocurrency globally and the current price is US$1.81. Let’s take a look at the chart below for price analysis:

Source: TradingView

RLC printed nearly +46% gains during March. After this move, the price has been consolidating for the past week around a monthly level near $1.80.

Overlapping support zones should provide bullish strength, with the current region beginning at $1.72 providing a reasonable entry accompanied by a wide stop. Relatively equal daily lows near $1.66 could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $1.60.

Last month’s high near $1.98 provides the highest probability target, with the next swing high inside resistance at $2.08 giving another target and potential short-term reversal area.

A strong move through this level into resistance beginning at $2.15 is likely to target the monthly high at $2.19, potentially reaching the next monthly high near $2.25.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Ethereum Metaverse NFTs

Nike Launches ‘CryptoKicks’ NFT Virtual Sneaker Collection

After flagging its move into the metaverse in December with the acquisition of digital art house RTFKT Studios, sports apparel giant Nike has debuted its Ethereum NFT sneakers, CryptoKicks.

In its teaser video released on Twitter (see above), RTFKT demonstrated how its Nike digital sneakers can be modified via collectible “Skin Vials”, which can be mixed and matched to enable a range of styles.

Nike/RTFKT CryptoKicks (physical version). Source: brainstation.io

CryptoKicks can be opened through RTFKT’s MNLTH Ethereum NFTs, which were airdropped for free to holders of RTFKT’s CloneX profile picture NFTs and other earlier RTFKT NFTs in February.

That same month, Nike sued online sneaker reseller StockX for selling unlicensed images of its NFT sneakers, claiming the US$3.8 billion company had sold around 500 Nike-branded NFTs at “inflated prices and [under] murky terms of purchase and ownership”.

Social Media Goes Mad For CryptoKicks

The launch of CryptoKicks follows a series of quests, or puzzles, collectors had to solve before RTFKT launched the website that allows holders to open the mysterious NFT vaults. As some holders have shared via social media, the MNLTH vaults contain a pair of CryptoKicks, a single Skin Vial, and a second MNLTH vault.

RTFKT will launch a quest series to unlock the MNLTH 2 vaults later this year. Each pair of CryptoKicks will also feature an “evolution path” enabling them to be progressed in various ways.

Categories
Crypto News DeFi Ethereum MetaMask

MetaMask Users Frustrated as Infura Suffers Another Service Outage

Users of the popular Ethereum wallet MetaMask are infuriated after the wallet’s default endpoint, Infura, again suffered a major outage.

Infura is Metamask’s main RPC (Remote Procedure Call) provider that allows the wallet to communicate with the Ethereum network. Last week, at least 15 components of the Infura system suffered complete or partial outages, bringing down MetaMask access in the process.

MetaMask addressed the issue on Twitter, explaining that: “If you’re currently experiencing issues with MetaMask, it may be because of the outage that Infura is actively combating.”

Not the First Outage in the Infura Protocol

All Infura systems appear to be up and running again, as per the protocol’s status page. But this is yet another outage to have occurred in the Infura protocol, and users didn’t hesitate to call out for a more decentralised ecosystem where everyone can run their own nodes. As it was, users had to deploy different RPC endpoint solutions, such as Alchemy or QuickNode, to access their Web3 accounts:

On the subject of a lack of decentralisation, last month both MetaMask and OpenSea banned wallets associated with Venezuelan and Iranian IP addresses, citing compliance issues, only later to discover that Infura had cut off users to separatist areas in Ukraine, accidentally blocking Venezuelan users as well.

MetaMask has been having a rough time of it this month. On April 20, Crypto News Australia reported how MetaMask iPhone users were endangered by an iCloud-related phishing scam.

Categories
Crypto News Cryptocurrency Law Illegal NFTs Regulation Scams

US Senator Proposes Laws to Make Rug Pulls a Crime

Under new legislation filed in the US state of New York, lawmakers intend to confirm fraudulent rug pulls as a crime along with other crypto-specific forms of duplicity.

Companion Bill Filed in Lower Chamber

According to public records, Senate Bill S8839 “establishes the offences of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose an interest in virtual tokens”. A companion bill, Assembly Bill A8820, was also filed in the New York State Legislature’s lower chamber. The bills were introduced by State Senator Kevin Thomas and Assembly member Clyde Vanel, respectively.

The legislation places particular focus on rug pulls – a term referring to the sudden exit of a developer or founding team and the resultant defrauding of investors – given how prevalent the practice is in the crypto space. The framed New York legislation proposes limits on the ability of founding teams to sell significant percentages of their token holdings within a period of five years.

The specific text of the proposed legislation reads:

Illegal rug pulls:

1. A developer, whether natural or otherwise, is guilty of illegal rug pulls when such developer develops a class of virtual token and sells more than ten percent of such tokens within five years from the date of the last sale of such tokens.

2. This section shall not apply to non-fungible tokens (NFTs) where a developer has created less than 100 NFTs that are regarded as part of the same series or class of NFTs or where such NFTs regarded as part of the same series or class are valued at less than $20,000 at the time the rug pull occurs.

Proposed New York rug pull legislation

If the legislation is approved and signed, it will take effect 30 days after passage.

Need for Legislation Parallels the Rise of Rug Pulls

Legislation such as this is becoming all the more necessary given the rising incidence of rug pulls and crypto scams. Last year Crypto News Australia reported on a Solana NFT project that was accused of a rug pull of the coin Eternal Beings. And in December, Bent Finance confirmed that its pool had been exploited for US$1.6 million in a rug pull incident.

Categories
Crypto News Ethereum Illegal NFTs Scams

$34 Million ‘AkuDreams’ NFT Project Locked Permanently by Smart Contract Error

An error in a smart contract has led to NFT project AkuDreams locking up US$34 million worth of Ethereum. The project was hit by an exploit through its refundable Dutch auction on April 22 in which the hacker did not profit but managed to lock up the funds:

Cryptocurrency developer Foobar tweeted coding (see above) showing that “$34 million, or 11,539 ETH, is permanently locked into the AkuDreams contract … It cannot be retrieved by individual users or by the dev team.”

‘No Malice Intended’

The AkuDreams Twitter account confirmed the exploit and said: “We are locked down and consulting with some of the best on the next steps. We will mint your NFTs, and reveal them as soon as humanly possible. We will also be working to issue funds for those passholders who bid with the intention of securing a price .5 ETH below the final price.”

Refunds and Withdrawals Blocked

The auction opened at 3.5 ETH on the premise that the lowest bid would set the final price, and anyone who placed a higher bid would receive a refund. AkuDreams passholders were also promised a 0.5 ETH discount on each NFT they minted. But due to a bug in the contract, an exploiter was able to halt refunds and withdrawals from the contract, which meant that auction participants who bid above the final NFT price could not receive the ETH they were owed. As a result, refunds and withdrawals from the contract could not be passed.

AkuDreams acknowledged the issue in saying that the exploit “was not done out of malice” and that it was looking into the incident. The announcement that followed contained the admission, “To be clear, this is our fault.”

The project has promised to return funds to the community and later confirmed that the NFTs would be airdropped to bidders, and that it would honour refunds for the passholders who are owed a 0.5 ETH discount.

Exploits, Exploits, and More Exploits

The crypto space has of late been rife with exploits taking place in every sector. In October 2021, a bug in the DeFi protocol Compound saw its users mistakenly rewarded with US$80 million in COMP tokens. Qubit Finance earlier this year lost US$80 million after its protocol was hacked, making it one of the biggest exploits so far this year.

Categories
Crypto News Cryptocurrencies Cryptocurrency Law Regulation Ukraine

Ukraine Bans Citizens From Buying More Than $3,400 Crypto Per Month

Shortly after Russia’s invasion of Ukraine, crypto donations poured in from around the globe to help fund the war effort, eclipsing US$100 million. In a surprising twist, the nation’s central bank has now placed limitations on crypto purchases for its citizens:

Preventing ‘Unproductive Capital Outflows’

According to a National Bank of Ukraine (NBU) announcement, Ukrainians are now prohibited from purchasing digital assets using the country’s fiat currency, the hryvnia (UAH).

They are, however, permitted to purchase crypto up to a maximum of 100,000 UAH (approximately US$3,400) per month, provided it is done with foreign currencies. According to the announcement, these measures have been put in place under martial law to prevent “unproductive capital outflows” from the country.

The NBU commented that the measures were “temporary” and that it planned to allow those citizens fleeing the country to make cross-border peer-to-peer (P2P) transfers within the above limit from accounts in its national currency.

Not as Crypto-Friendly as Expected

With the Ukraine government being a beneficiary of crypto donations, even partnering with FTX to do so, the NBU’s move has been almost universally criticised on Twitter:

Capital controls are common, particularly during times of war, but there is something particularly stinging about this ban. Perhaps because it emanates from a nation that appeared to be progressive and on board with the crypto industry and community. It could also be the realisation that the NGU has effectively denied Ukrainians a financial offramp to further currency debasement, inflation and economic ruin.

As much of the developed world has “stood with Ukraine”, it’s evident that the latest measures represent just another blow for a population knee-deep in kinetic war:

Categories
Crypto News Payments Polygon Social media

Stripe Tests New Crypto Payments Product Using Twitter and Polygon

Global payment processing giant Stripe has introduced crypto payouts to its Stripe Connect service, partnering with Twitter to pilot the technology before expanding it to other platforms in coming weeks.

The pilot will allow select creators who use Twitter’s monetisation features – such as Ticketed Spaces and Super Follows – to be paid for their content and receive their payouts in crypto via the Polygon network. Stripe has chosen to use the Ethereum scaling solution as the first network to process its crypto payments because of its “low fees, high speed, integration with Ethereum and broad wallet compatibility”.

Initially, Stripe will only support payments in the USDC stablecoin, but this will presumably expand in future as the technology matures and grows beyond Twitter.

Aim is to Streamline Traditional Payment Systems

In the announcement, Stripe’s product manager of crypto, Karan Sharma, cited the complexity and heterogeneity of traditional payment systems as a key factor in the decision to integrate crypto payments into Stripe Connect:

While we are continuously expanding our geographic coverage, many countries remain out of reach in part due to the intrinsic complexity involved in supporting heterogeneous local payments systems. Unfortunately, this makes participation in the online economy harder for many of those who stand to benefit most.

Karan Sharma, Stripe product manager, crypto

Stripe to Handle ‘Crypto-Related Complexity’

Twitter already uses Stripe Connect to handle payouts to creators, so the addition of crypto payments should be smooth. 

Stripe will handle all the “crypto-related complexity and operations” and no code changes will be required by Twitter. Nor will it have to worry about acquiring, storing or transferring crypto – Stripe will handle all of these functions. In addition, Stripe will perform all the required Know Your Customer (KYC) checks.

Stripe plans to support crypto payouts via Stripe Connect in more than 120 countries by the end of 2022.

Twitter Expands Range of Payments

Twitter is enthusiastic about offering creators more payment options and potentially expanding the range of users who can take advantage of its monetisation products:

As the Elon Musk takeover is now confirmed, this news marks the latest move by Twitter towards greater crypto adoption, having already rolled out Bitcoin tipping and Ethereum tipping for creators in the past few months.

Categories
Crypto News Market Analysis Mines of Dalarnia Theta Network Trading

Top 3 Coins to Watch Today: THETA, DAR, 10SET – April 26 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Theta Network (THETA)

Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

THETA Price Analysis

At the time of writing, THETA is ranked the 40th cryptocurrency globally and the current price is US$2.91. Let’s take a look at the chart below for price analysis:

Source: TradingView

THETA has formed a clean range between $4.388 and $2.274. The price is likely to run these equal highs and lows before the next significant move.

The price is currently near the low end of the range. On the monthly chart, an old, inefficiently traded area down to $2.784 could provide support. This support might create a bounce back up to the old range highs.

If this level breaks, a broad zone between $1.460 and $0.680 could be the next support. This area shows inefficient trading on the monthly and weekly charts.

Shorter-term traders might frame a short near $3.009. Here, an inefficiently traded area on the daily chart could provide resistance. Just above, $3.080 might also provide resistance. This level is near the current consolidation range’s highs.

Current price action makes it unclear where bulls are most likely to find the current range’s next resistance. A bullish reversal will likely draw to the relatively equal highs at $4.388. Bears might stop the price first at an area of old bullish rejection on the monthly, near $4.198.

2. Mines of Dalarnia (DAR)

Mines of Dalarnia DAR is an action-adventure game with a blockchain real-estate market. MoD is based on a simple and simultaneously captivating gameplay where users can mine and combine in-game items, then utilise them to upgrade their characters (skills and equipment), thereby increasing their rank in the game. Players can go in search of rare artifacts/relics/minerals, complete quests, team up with other players to defeat monsters, and unlock rewards.

DAR Price Analysis

At the time of writing, DAR is ranked the 256th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a rapid 77% selloff in late December 2021, DAR has formed a range between approximately $1.30 and $0.60.

The price is currently testing an old inefficiently traded area near $0.9724. It is reasonable to expect a stop run below the old swing low at $0.9080.

If the price runs below this low, a small inefficiently traded area on the weekly chart at $0.8478 could be the target. These levels are between the 61.8% and 78.6% retracement of March and April’s rally.

A deeper move might target an old swing low and area of bullish rejection on the monthly chart, near $0.7906. Below this level, historical price action shows no support.

An area near $1.1053 offers the closest probable resistance. It is in the middle of the recent consolidation range and near the April monthly open.

Above this level, an old swing high and bottom of an inefficiently traded area on the monthly chart, near $1.3060, may offer the next resistance. 

A larger rally could reach between $1.8168 and $1.585. This area shows inefficient trading on the monthly and weekly charts.

3. Tenset (10SET)

Tenset 10SET is an emerging blockchain project that envisions itself to be the bridge between crypto assets and the traditional stock market. It employs the new generation ETF 2.0 deflationary token as well as an intelligent staking method. Its goal is to speed up the adoption of cryptocurrencies and blockchain by the financial markets. According to its official website, it is capitalising on the current state of the economy as it approaches the fourth industrial revolution.

10SET Price Analysis

At the time of writing, 10SET is ranked the 3058th cryptocurrency globally and the current price is US$2.73. Let’s take a look at the chart below for price analysis:

Source: TradingView

10SET rallied 250% during February and March and is aggressively retracing this move after consolidating through April.

The price broke below an inefficiently traded area on the weekly chart between $2.750 and $2.863. This zone could provide resistance during a retest. 

Above, the April monthly open, early April’s consolidation low, and the inefficiently traded area on the daily chart near $3.448 might also provide resistance.

The price may be seeking stops under the closest swing low near $2.250. This level could provide support. However, the current bearish market conditions might drag the price further down. Bears could next be targeting an inefficiently traded area on the daily chart near $1.744.

A move this low might reach into the range lows and accumulation area between $1.501 and $1.248. If bulls begin accumulating, the upper end of this range is more likely to provide support.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Market Analysis Smooth Love Potion Solana Trading Zcash

Top 3 Coins to Watch Today: ZEC, SOL, SLP – April 25 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 50th cryptocurrency globally and the current price is US$158.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC‘s recent bearish flip of the 9, 18, and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $146.47 and $155.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near $138.23 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $168.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $190.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $210.32 might provide a ceiling for this impulse.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 7th cryptocurrency globally and the current price is US$99.11. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 68% from its December highs and reached possible support last month near $89.34. Resistance might begin near $120.34, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $110.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $126.42 and $133.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $96.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $91.10 and $87.54. If the price reaches this zone, the May 2021 swing high near $82.13 might mark a more sensitive level.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 420th cryptocurrency globally and the current price is US$0.01547. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 65% rally during Q1 ran into a 30% retracement near $0.01615. Since then, the price has been consolidating in a 40% range between $0.01424 and $0.02432.

Just below the late-March low, $0.01500 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01458 might cap a run on the lows near $0.01410 and $0.01385.

The higher-timeframe analysis points to the area near $0.02351 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.02827 and $0.03060 may be the next targets.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Hackers Illegal Scams

Hacker Exploits DeFi Protocol ‘Zeed’ for $1 Million But Fails to Take the Funds

After the decentralised finance (DeFi) protocol ‘Zeed’ was exploited for US$1 million this week, the hacker destroyed the contract used but left all tokens, rendering them immobile:

Zeed is a lesser-known DeFi protocol, an “autonomous decentralised integrated ecosystem” that runs off the BNB Chain. The protocol was attacked by minting extra rewards that were sold on the market, thereby crashing the token’s price to zero:

After the attack, the hacker destroyed the contract used in the exploit, meaning that any tokens held by the contract could no longer be moved, according to PeckShield, who put it in a nutshell: “The hacker kills the contract, but forgets to transfer the profit.”

Another blockchain security firm, BlockSec, added: “Interestingly, the attacker does not transfer the obtained tokens out before self-destructing the attack contract. Probably, he/she was too excited.”

Yet Another DeFi Hack

Hacks are becoming an increasingly common occurrence in the DeFi space. Last year, DeFi project Cream Finance lost US$19 million in a flash loan attack – its second breach in six months. Earlier this week, Crypto News Australia reported that the Beanstalk stablecoin lost about US$182 million in yet another flash loan exploit.