Monat: Mai 2023

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TORN price dumps 50% after attacker takes over Tornado Cash DAO

  • TORN price fell more than 40%, dropping from highs of $7.29 to lows of $3.55.
  • This is after the Tornado Cash DAO had passed a malicious proposal that included a bug from an attacker.
  • With complete control over the Tornado Cash governance system, the attacker proceeded to drain locked votes.

The price of TORN fell sharply as the market reacted to cryptocurrency news about a malicious takeover of the Tornado Cash governance.

In the initial market reaction, TORN price plummeted by nearly 50%, with sellers pushing the token’s value from highs of $7.29 to lows of $3.55. While further losses could still materialize, the token’s value has rebounded to above $4.40 as buyers attempt to keep the bears at bay.

At the time of writing, Tornado Cash is ranked 1,103 by market cap on CoinGecko. It has a market cap of $6.8 million, but has seen a total of $25.7 million worth TORN traded in the past 24 hours.

Attacker maliciously takes over Tornado Cash DAO

The price of Tornado Cash fell after an attacker took over the governance of the Tornado Cash DAO. The compromise happened after the community passed a malicious proposal, which the attacker used to drain funds from the governance treasury.

Tornado Cash is a crypto mixing service that runs on Ethereum. It was sanctioned by the US Treasury in February 2023. The governance system controls upgrades to the protocol and is run by those holding the project’s native TORN tokens.

On May 20, 2023, an attacker purportedly added an extra function to an upgrade passed by TORN holders. This gave the unknown entity an extra 1.2 million votes and effective control of the cryptocurrency’s governance system.

As highlighted by a pseudonymous crypto intelligence account Samczsun, control allowed the attacker(s) to withdraw 10,000 votes in TORN tokens. They sold these for $25,600 before draining the remaining amount of locked votes.

In total, 483,000 TORN was taken from the vault. 6,000 TORN was deposited on crypto exchange Bitrue, 379,000 was sold on-chain for $680,000 of ether, and just under 100,000 TORN remains under the attacker’s control.

In the aftermath of the compromise, Binance announced it would be halting TORN deposits until further notice.

Tron founder Justin Sun said TORN deposits and withdrawals on Huobi would remain open. Meanwhile, the Tornado Cash team says its working on a fix for the vulnerability. 

The post TORN price dumps 50% after attacker takes over Tornado Cash DAO appeared first on CoinJournal.

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Bitcoin price prediction ahead of key week for the markets

  • The next week will be critical for BTC, crypto analyst Michael van de Poppe says.
  • Bitcoin price could see a new uptrend if BTC can break out after a successful retest of the 200-day moving average.
  • However, if BTC fails to break above this level, it could fall to past recent lows, with the key target at $25k or lower.

Bitcoin’s price has struggled to reclaim support above $28,000 and is currently facing fresh downside pressure just above the $27k level.

While the price is looking for a successful retest and bounce from a key technical level, bulls could be left battling a deeper correction if prices break lower from this level, which one analyst has highlighted as a likely make or break scenario for BTC this coming week.

Bitcoin price: analyst says next week could be crucial

Market events next week could have an impact on Bitcoin price, with crucial economic data and events to watch out for including US GDP revisions, minutes of the last FOMC meeting and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.

A decision or vote on the debt-ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the Bitcoin price outlook for next week is likely to trend alongside a broader market reaction to the busy week.

He says BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break above this level, it could signal the end of the current correction and the start of a new bull market.

The analyst sees the next few days as important for bulls, suggesting that it could be a “make-or-break” situation.

“If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction,” van de Poppe tweeted.

The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. A BTC breakout from the 200-day moving average has often seen bulls take control.

If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if bulls fail to fend off the marauding bears, it’s possible for a revisit of the $25k region.

The post Bitcoin price prediction ahead of key week for the markets appeared first on CoinJournal.

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Swiss fintech platform Acredius launches on Cardano

  • The integration will allow Acredius’ investors to use Cardano’s cryptocurrency, ADA, to invest in SMEs.
  • Acredius will also deploy smart contracts on the Cardano blockchain, allowing for the tokenization of loans.
  • ADA price has struggled to break above $0.37 since the rejection at around $0.46 in mid-April.

Acredius, a Swiss lender that provides financing to small and medium-sized businesses (SMEs), has launched on the Cardano blockchain.

The integration will allow Acredius’ investors to use ADA, the native token of the Cardano blockchain, to invest in SMEs and will also provide greater investment flexibility and transparency, the fintech platform said.

In addition, Acredius will deploy smart contracts on Cardano. This will allow for the tokenization of loans, which will make it easier for retail investors to participate in the lending market.

Cardano to help Acredius revolutionise the lending marketplace

Acredius is a Swiss fintech platform that helps investors and borrowers shape the future of the economy by supporting small and medium-sized businesses (SMEs). The company provides a marketplace where investors can lend money to SMEs, and borrowers can access capital to grow their businesses.

The collaboration with Cardano could spark further adoption of the ADA token, providing new impetus for its value to rise in the future. Elsewhere, it enhances Cardano’s growing ecosystem and outlines the positive impact of blockchain technology in the world.

ADA price outlook

The price of Cardano has been trading below $0.4 since the retreat from the highs of $0.46 in mid-April. ADA bulls have found it difficult to break above $0.37, and the bearish outlook is likely to be helped by a broader lull in the crypto market.

If ADA breaks below the support level of $0.35, it could fall to the next support level of $0.31. However, should bulls reclaim the $0.40 in coming weeks, a retest of the resistance level at $0.43 could rally to the next resistance level currently at $0.48.

The post Swiss fintech platform Acredius launches on Cardano appeared first on CoinJournal.