StablR Stablecoins Depeg Amid Ongoing Exploit

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

ETH+1.876%

DEFI-0.26%

ECHO+2.6200001%

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Ongoing Exploit: StablR's stablecoins have depegged due to an ongoing exploit where a compromised private key led to approximately $2.8 million being extracted, highlighting severe key management failures.
Stablecoin Depreciation: The EURR stablecoin, with a market cap of $14 million, lost 23% of its value, dropping from $1.15 to $0.88, while the USDR stablecoin, valued at $11 million, plummeted 30% to $0.70, undermining investor confidence.
Market Impact: This incident is part of a troubling trend in May, with numerous crypto and DeFi exploits reported; Blockaid noted that compromised private keys are becoming a common attack vector, posing risks to more protocols.
Regulatory Compliance Issues: While StablR emphasizes regulatory compliance and transparency, this incident reveals vulnerabilities in its governance structure, which could impact its future market position and investor trust.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 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	1787.589	1898.444	2009.799	2120.654	2232.009	2342.864	2454.219
Fibonacci	1898.444	1983.329	2035.77	2120.654	2205.539	2257.98	2342.864

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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