Kelp DAO Suffers $292 Million Loss in rsETH Bridge Hack
- Security Breach Incident: The Kelp DAO rsETH bridge suffered a security breach resulting in a loss of $292 million in cryptocurrency, highlighting significant vulnerabilities within the LayerZero ecosystem that could undermine user trust and future transaction volumes.
- Escalating Responsibility Dispute: A heated dispute has emerged between Kelp DAO and LayerZero over the responsibility for the security breach, with Kelp accusing LayerZero of approving a single validator setup while LayerZero argues that the configuration itself posed inherent risks, potentially diminishing user confidence in both parties.
- Attack Methodology Revealed: Hackers linked to the North Korean Lazarus Group exploited vulnerabilities by attacking two RPC servers in the LayerZero Labs validator network, executing a DDoS attack and successfully extracting 116,500 rsETH, which underscores the network's fragility.
- Migration Plan Initiated: Kelp DAO announced plans to migrate its rsETH bridge from LayerZero infrastructure to Chainlink's cross-chain protocol, aiming to restore user trust and mitigate future security risks by adopting a more secure architecture.
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Technical Analysis for ZRO
Technical Sentiment Analysis for LayerZero (ZRO). As of , LayerZero (ZRO) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ZRO 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, ZRO 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 $-.
LayerZero (ZRO) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.048 | 1.186 | 1.305 | 1.443 | 1.562 | 1.7 | 1.819 |
| Fibonacci | 1.186 | 1.284 | 1.345 | 1.443 | 1.541 | 1.602 | 1.7 |
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