Polkadot Under Attack as Unauthorized DOT Tokens Minted
- Attack Overview: Polkadot faced an unauthorized DOT minting attack where the flawed Hyperbridge smart contract allowed the minting of 1 billion DOT on the Ethereum network, resulting in a loss of $242,000; despite being the smallest attack to date, it revealed potential flaws in the protocol, increasing the overall risk associated with bridges.
- Market Impact: Following the exploit, DOT's price plummeted to $1.19, with the flash sale leading to only a 2.9% loss, yet the attacker managed to exchange the minted tokens for $237 million, raising concerns about market confidence in bridge security.
- Contract Vulnerability: The flaw in the Hyperbridge contract enabled the attacker to perform a proof replay attack, allowing them to pair previously accepted proofs with new requests, thus gaining admin rights to authorize DOT minting, which exacerbates security concerns for decentralized protocols.
- Subsequent Actions: In response to the attack, Polkadot has paused the Hyperbridge contracts, and while no additional assets have been reported affected, this series of attacks occurring during a bear market indicates that hackers are still attempting to extract liquidity from crypto tokens.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) 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 ETH 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, ETH 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 $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1710.293 | 1885.267 | 2065.553 | 2240.527 | 2420.813 | 2595.787 | 2776.073 |
| Fibonacci | 1885.267 | 2020.976 | 2104.817 | 2240.527 | 2376.236 | 2460.077 | 2595.787 |
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