KelpDAO Hack: $175 Million ETH to BTC Swap Shocks Crypto World
- Hack Overview: The KelpDAO protocol was exploited due to a smart contract vulnerability, resulting in the unauthorized withdrawal of 75,700 Ethereum (ETH), valued at approximately $175 million, highlighting security risks in the decentralized finance (DeFi) sector.
- Fund Conversion Method: The hacker utilized the decentralized cross-chain liquidity protocol THORChain to convert all stolen ETH into Bitcoin (BTC), a process that not only leveraged THORChain's intermediary-free nature but also complicated the tracing of illicit funds.
- Expert Analysis: Blockchain forensic specialists noted that swapping to Bitcoin was a calculated move to enhance anonymity, as while Bitcoin transactions are public, the lack of smart contract programmability makes certain mixing techniques more effective, increasing tracking difficulties.
- Impact on DeFi: This incident underscores the critical need for comprehensive smart contract audits and real-time security monitoring, while potentially dampening investor confidence and affecting capital inflows into innovative yet risky DeFi projects.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC 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, BTC 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 $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 66853.433 | 70895.476 | 74765.913 | 78807.956 | 82678.393 | 86720.436 | 90590.873 |
| Fibonacci | 70895.476 | 73918.044 | 75785.389 | 78807.956 | 81830.524 | 83697.869 | 86720.436 |
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