Verus-Ethereum Bridge Attack Results in Over $11 Million Loss
- Incident Overview: The Verus-Ethereum cross-chain bridge was attacked on Monday, resulting in the theft of 103.6 tBTC, 1,625 ether, and $147,000 USDC, totaling over $11 million, highlighting the vulnerabilities of cross-chain bridges.
- Attack Methodology: The attack targeted the bridge that allows users to transfer value between the Verus network and Ethereum, and despite Verus marketing its design as non-custodial and backed by cryptographic proofs from miners and stakers, it failed to prevent the breach.
- Recurring Historical Pattern: According to Phemex's analysis, the largest losses in 2023 have been linked to cross-chain components, indicating that attackers prefer targeting the infrastructure connecting chains rather than the smart contracts themselves, reflecting ongoing security concerns with cross-chain bridges.
- DeFi Loss Statistics: By mid-April, total losses in the DeFi sector had exceeded $750 million, with the $552 million hack of the Ronin Network in 2022 still standing as one of the largest losses in crypto history, underscoring the increasing frequency and scale of cross-chain bridge attacks.
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Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 5 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DRIFT 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, DRIFT 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 $-.
Drift (DRIFT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0133 | 0.02 | 0.0244 | 0.0311 | 0.0355 | 0.0422 | 0.0466 |
| Fibonacci | 0.02 | 0.0242 | 0.0268 | 0.0311 | 0.0353 | 0.0379 | 0.0422 |
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