Drift Unveils $295 Million Hack Recovery Plan
- Hack Attack Losses: Drift suffered a cyberattack on April 1, resulting in nearly $295 million in losses attributed to North Korea-linked hackers, leading to an immediate shutdown of all trading and lending operations, highlighting the severe security threats facing DeFi protocols.
- Asset Tracking and Freezing: A total of 130,259 Ethereum (ETH) were stolen, with most assets remaining traceable and approximately $3.36 million in USDC frozen, indicating limited transfer capabilities by the hackers and a higher likelihood of future fund recovery.
- Recovery Plan Details: Drift plans to issue “recovery tokens,” each representing a lost dollar for affected users, with the recovery pool currently holding about $3.8 million and set to be supplemented by future exchange revenues, demonstrating the company's commitment to compensating users.
- Industry Impact and Security Upgrades: Drift aims to resume operations in Q2 with enhanced security measures like multisignature controls and time-locked transactions, reflecting the DeFi sector's heightened focus on security while prompting other platforms to increase transparency and collaboration to counter cyber threats.
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Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 1 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DRIFT 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, DRIFT 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 $-.
Drift (DRIFT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0142 | 0.0223 | 0.03 | 0.0381 | 0.0458 | 0.0539 | 0.0616 |
| Fibonacci | 0.0223 | 0.0283 | 0.0321 | 0.0381 | 0.0441 | 0.0479 | 0.0539 |
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