Curvance Halts eBTC Market Amid $76.7 Million Exploit Allegations

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 6 days ago

MON+4.04%

ECHO+3.04%

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Market Suspension Reason: Curvance suspended its eBTC market on May 19 after detecting abnormal activity at 10:00 PM UTC on May 18, and while there is currently no evidence of a smart contract attack, this precautionary measure aims to protect user funds during the investigation.
Potential Security Vulnerability: On-chain analyst Onchain Lens warned that approximately 1,000 eBTC, valued at around $76.7 million, were minted without authorization, suggesting possible theft through Curvance, although this claim remains unconfirmed, highlighting security challenges in the DeFi ecosystem.
User Confidence Impact: This incident underscores the persistent security risks associated with emerging DeFi protocols and liquid staking tokens, and if the unauthorized minting is confirmed, it could represent one of the larger exploits in recent months, potentially diminishing user confidence in new protocols.
Subsequent Implications: Curvance's swift action reflects its commitment to protecting user assets, and the DeFi community will closely monitor the investigation's progress to assess the extent of potential losses and the security measures being implemented.

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Technical Analysis for MON

Technical Sentiment Analysis for MON (MON). As of , MON (MON) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MON stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, MON is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

MON (MON) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.018	0.0211	0.0238	0.0269	0.0297	0.0328	0.0355
Fibonacci	0.0211	0.0233	0.0247	0.0269	0.0292	0.0306	0.0328

About MON

Mon Protocol (https://www.monprotocol.ai/) aims to be a developer and leading publisher of blockchain-native IPs and games. Mon Protocol launched with the in-house developed Pixelmon Games: Pixelpals, Warriors of Nova Thera and Hunting Grounds; it has since built a large community of web3-savvy gamers and fans, now over 1 million members strong. MON Protocol has been endorsed as the Gaming Publisher of Choice of the top gaming chains Immutable, Solana and Aptos.Its publishing platform is chain agnostic and enables blockchain-native gaming projects to reach larger bases of gamers and fans. To date over 60 blockchain games and IPs have leveraged MON’s reach and publishing capabilities to some degree. MON is the ERC-20 fungible token that serves as the publisher token for MON Protocol and as the ecosystem token for all Pixelmon games.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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