Syscoin Bridge Paused After 5B Unauthorized SYS Output Due to Validation Issue
- Bridge System Paused: Syscoin has paused its bridge due to a validation issue that resulted in approximately 5 billion unauthorized SYS outputs, impacting the integrity of network supply, with the team currently investigating and working on a fix to prevent future risks.
- Unauthorized Output Details: The affected SYS first moved to specific addresses, with the largest holding around 4 billion SYS and another about 1 billion SYS, while current market prices range from $0.0016 to $0.0022, although these outputs are considered tainted and are being traced.
- Market Monitoring Measures: The Syscoin team is coordinating with exchanges and ecosystem partners to blacklist, freeze, or closely monitor SYS deposits linked to the tainted UTXO trail to prevent unauthorized assets from entering liquid markets.
- Bridge Design Risks: The Syscoin bridge design emphasizes the importance of proof validation, as incorrect acceptance can lead to the creation of assets not backed by legitimate burns, with the current incident highlighting the fragility of cross-chain security, necessitating future updates to address the handling of unauthorized outputs and the timeline for safely reopening the bridge.
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Technical Analysis for G
Technical Sentiment Analysis for Gravity (G). As of , Gravity (G) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 1 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for G 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, G 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 $-.
Gravity (G) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00211 | 0.00235 | 0.00255 | 0.00279 | 0.00299 | 0.00323 | 0.00343 |
| Fibonacci | 0.00235 | 0.00252 | 0.00262 | 0.00279 | 0.00296 | 0.00306 | 0.00323 |
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