Massive $280M Crypto Scam via Hardware Wallet Critiques THORChain
- Scam Overview: On January 10, a significant hardware wallet scam resulted in the theft of $282 million in Bitcoin and Litecoin, with the attacker using THORChain to swap funds into Monero, exposing vulnerabilities in hardware wallets and causing alarm in the crypto community.
- Social Engineering Attack: The attack involved social engineering tactics, likely impersonating support personnel to gain user access, demonstrating that even traditionally secure hardware wallets are not foolproof, leading to a sharp decline in user confidence.
- Market Reaction: Following the incident, Monero's price surged to approximately $800, reflecting its appeal for anonymous transactions, while raising concerns over the legal frameworks governing cryptocurrency transactions, potentially prompting future regulatory actions.
- Community Criticism: The crypto community criticized THORChain for perceived negligence in facilitating illicit fund swaps, emphasizing the need for better protective measures against increasingly prevalent social engineering scams, with future regulations likely tightening around exchange protocols.
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Technical Analysis for XMR
Technical Sentiment Analysis for Monero (XMR) As of , Monero (XMR) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for XMR 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 stock.
Support, Resistance & Moving Averages From a structural perspective, XMR 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 $-.
Monero (XMR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 33.278 | 154.779 | 257.598 | 379.099 | 481.918 | 603.419 | 706.238 |
| Fibonacci | 154.779 | 240.469 | 293.409 | 379.099 | 464.789 | 517.729 | 603.419 |
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