Schlagwort: crypto business

Veröffentlicht am

XVS price slips after $27M Venus Protocol phishing attack

  • A Venus network user suffered massive losses after authorizing a malicious transaction.
  • The perpetrator took seconds to drain vUSDT, BTCB, vETH, vXRP, and vUSDC.
  • The native token plunged sharply after the news.

While the crypto market displayed stability on Tuesday, XVS painted its daily chart red after news surfaced that a Venus Protocol user had encountered a sophisticated phishing scam, resulting in the loss of digital assets worth a whopping $27 million.

What attracted attention is how the incident unfolded.

It was not a weakness in Venus Protocol. The attacker gained complete access to the victim’s assets after a simple mistake.

According to an on-chain investigator, PeckShield:

The victim approved a malicious transaction, granting token approval to the attacker’s address (0x7fd8…202a) for asset transfer.

The perpetrator’s burner wallet instantly drained the assets after the user approved access.

It took seconds to lose a fortune, likely accumulated in years.

Such incidents underscore the brutal reality in the DeFi world, where a simple mistake can translate to disastrous losses.

The numbers reveal how devastating the attack was:

  • $19.8M in vUSDT
  • $7.15M worth of vUSDC
  • $146K in vXRP
  • $22K in vETH
  • $285 Bitcoin on BNB Chain (BTCB)

The victim lost what most people would consider generational wealth, especially in the crypto industry.

What’s worse is that the hack didn’t happen due to weaknesses in Venus Protocol.

The attacker leveraged the user’s innocence and deception to orchestrate the scam.

Venus Protocol remains secure

One thing that the community would like to know is whether the perpetrator breached the Venus Protocol.

NO. The BNB Chain-based lending and borrowing protocol remained secure and fully operational.

The $27 million loss didn’t stem from a coding flaw, systematic exploit, or bugs in smart contracts.

It is part of the rising trend of social engineering frauds, where attackers trick users into authorizing token approvals.

In June, a New York scammer used social engineering to steal assets worth over $4 million from a Coinbase user.

Another similar incident had a victim losing over $240 million in August last year.

The weak point has nothing to do with the protocol, but the user who’s controlling the wallet.

Thus, the Venus Protocol remained operational after one of its users suffered a devastating loss.

Doesn’t that add to the victim’s frustration?

Risks linked to DeFi’s freedom

Decentralized finance thrived on permissionless technology.

However, that freedom carries significant dangers.

Token approvals ensure streamlined interactions between digital assets and decentralized applications (dApps).

Nevertheless, giving wallets unlimited approvals limits user control.

The powers turn deadly if the wallet belongs to a fraudster.

That’s what the Venus Protocol victim met – a simple approval turned out to be a complete disaster.

Furthermore, DeFi doesn’t have a refund button or helpline.

Mistakes are final in this industry, and the $27 million is likely gone forever.

XVS price outlook

Venus Protocol’s native token turned bearish amidst the scam developments.

It has lost more than 6% on its daily chart after a sharp dip.

XVS trades at $5.99 with an overwhelming selling pressure.

The 400% surge in 24-hour trading volume signals heightened activity, potentially from holders exiting positions to avoid further losses.

Bears dominate XVS’s price charts, hinting at more declines before the altcoin secures footing.

The post XVS price slips after $27M Venus Protocol phishing attack appeared first on CoinJournal.

Veröffentlicht am

Ethena price forecast amid a 94 million ENA token unlock

  • Ethena’s token ENA is up nearly double digits in 24 hours as bulls eye a breakout above $0.80.
  • The token expects a major unlock event of 94 million ENA.
  • Analysts say price could break out amid key fundamental strengths for Ethena.

Ethena (ENA) price is up nearly 10% in the past 24 hours, despite the USDe stablecoin platform facing a huge token unlock.

The price of Ethena at $0.69 signals a potential breakout if buyers drive sentiment post the over 94 million ENA token unlock event.

Meanwhile, trading volume has surged 53% to over $574 million and market cap to $4.6 billion, putting Ethena among the top gainers on the day.

Bitcoin Cash, Tornado Cash and Sky are among the outperformers in the past 24 hours.

Ethena price ticks up ahead of token unlock

As noted, Ethena is preparing for a significant token unlock, with 94.2 million ENA tokens set to be unlocked on Sept. 2.

Per current price, the total value of the tokens coming into circulation stands at around $63.1 million, scheduled for 15:00 UTC+8.

According to on-chain details shared by SoSoValue in a post on X, the huge ENA unlock will account for 0.63% of the total supply.

Notably, the coins will be distributed between the ecosystem fund and foundation, with 53.55 million ENA going to the fund and 40.64 million ENA to the foundation.

In the crypto market, token unlocks are critical events and often affect market liquidity and price stability.

Ethena’s price will likely swing amid the token release, with trader sentiment key to short-term price movement.

However, this unlock comes amid substantial milestones for the Ethena network, including the success of its synthetic dollar USDe.

The past month has seen USDe cross the $12 billion market cap, and Ethena surpassed $500 million in cumulative gross interest revenue. Ethena also saw over $30 million USDe of rewards distributed.

Strong fundamentals and broader market sentiment may thus help ENA price even as 94 million tokens come into circulation.

Ethena price forecast

The ENA token reached highs of $0.85 in August after a significant uptick from lows of $0.51 earlier in the month.

However, profit taking tanked prices to around $0.62 before a bullish bounce faded around $0.75.

Ethena price chart by TradingView

Ethena price is back near the $0.70 mark after its latest uptick, with ENA’s current daily chart displaying a potential cup and handle pattern.

The pattern often signals a bullish trend continuation, and a price breakout above $0.80 is likely to confirm this for Ethena.

The daily RSI above 54 and upsloping add to this bullish outlook. Buyers could target $1.26 in the short term.

The post Ethena price forecast amid a 94 million ENA token unlock appeared first on CoinJournal.

Veröffentlicht am

BNB price forecast: BNB could retest $820 before rallying higher

Key takeaways

  • Binance’s BNB is down 1% despite other leading cryptocurrencies performing positively.
  • The coin could retest the $820 low before rallying above $900.

BNB stays above $850 as the market looks to recovery

BNB, the native coin of the Binance ecosystem, is down less than 1% in the last 24 hours despite the broader market embarking on a mini recovery. Its poor performance means that BNB is still trading around $250 while BTC, SOL, BCH, and XRP move higher.

The stable price action also comes despite Binance announcing that it has launched its Mexican entity Medá. According to the crypto exchange, Medá is registered as an Electronic Payment Funds Institution. The new entity will also operate as an independent division focused on advancing fintech services for Binance throughout Latin America.

Binance has also committed a $53 million investment in the new entity over the next four years. The positive news of Binance expanding its operations in Latin America didn’t do much for its price in the near term.

BNB could retest $820 before rallying higher

The BNB/USD 4-hour chart is bullish and efficient as BNB reached a new all-time high of $900 ten days ago. The recent ATH means that the momentum indicators remain bullish.

The RSI of 46 shows that BNB is facing selling pressure, while the MACD lines have crossed into the bearish territory. If the selling pressure continues, BNB could retest the TLQ and support level at $820 over the next few hours.

BNB/USD 4H Chart

The liquidity resting at the $820 TLQ could provide the necessary push for BNB to retest the $900 high once again. However, failure to protect the $820 low could see BNB drop to the $792 support region.

Any move towards $900 would allow BNB to rally towards the $1,000 psychological, setting up a new all-time high in the process.

The post BNB price forecast: BNB could retest $820 before rallying higher appeared first on CoinJournal.

Veröffentlicht am

BCH crosses $550, outperforms other major cryptos; Check forecast

Key takeaways

  • Bitcoin Cash is the best performer among the top 20 cryptocurrencies by market cap.
  • The coin could hit $600 soon as the broader crypto market embarks on a recovery

BCH hits $550 as market shows signs of recovery

BCH, the native coin of the Bitcoin Cash blockchain, is the best performer among the top 20 cryptocurrencies by market cap in the last 24 hours. The coin rallied by 5% in the last 24 hours to cross the $550 mark and now trades at $567 per coin.

Its positive performance comes as the broader crypto market slightly recovered from Monday’s slump. Bitcoin is trading above $110k once again after dropping to the $107k region over the weekend.

Ether, the second-largest cryptocurrency by market cap, has also topped $4,400 after testing the $4,250 low on Monday. Bitcoin Cash could now rally higher over the coming hours as the bullish momentum slowly returns.

BCH targets the $608 high

The BCH/USD 4-hour chart is bullish and efficient thanks to Bitcoin Cash’s performance in recent weeks. The higher timeframe sentiment remains bullish despite the recent market sell-off.

The RSI of 63 shows that BCH could be heading into the overbought region if the bullish trend continues. The MACD lines are also in the positive territory, suggesting that the momentum indicators have a bullish bias.

BCH/USD 4H Chart

If the recovery continues, BCH could surge towards last week’s high of $608 over the next few hours. An extended bullish run would allow BCH to reclaim the August high of $633. 

However, the market conditions remain choppy, and Bitcoin Cash could undergo a correction. If that happens, BCH could retest the weekend low of $521 before dropping towards $490 for the first time since July. 

Despite that, BCH remains one of the strongest coins among the top 20 at the moment. It could rally higher in the near term if the market maintains the bullish momentum.

The post BCH crosses $550, outperforms other major cryptos; Check forecast appeared first on CoinJournal.

Veröffentlicht am

Bitcoin, Ethereum hold steady as crypto braces for a historically brutal September

  • The crypto market is bracing for “Red September,” its historically worst month.
  • The Crypto Fear and Greed Index has plummeted into the “fear” zone.
  • Bitcoin is holding critical support around the 108,000 dollar level for now.

A fragile and deceptive calm has settled over the cryptocurrency market as September begins, a quiet start to what history warns is the cruelest and most unforgiving month of the year.

While prices are holding steady for now, a powerful undercurrent of fear is gripping traders, as seasonal weakness collides with a high-stakes macroeconomic picture, setting the stage for a potentially volatile and brutal few weeks.

The shift in sentiment has been swift and severe.

The Crypto Fear and Greed Index, a key barometer of market psychology, has plummeted from a confident 75 out of 100 in mid-August to just 46 today, plunging the market from “neutral” territory deep into the “fear” zone.

It is the worst reading since the dark days of mid-June.

This growing anxiety is rooted in the hard data of market history. Since 2013, Bitcoin has dropped an average of 3.77 percent every September, a grim and consistent pattern that has earned the month its ominous nickname: “Red September.”

The Battle for $108,000

For now, a tense battle is being waged on the charts. Bitcoin is showing a flicker of resilience, holding above the psychologically critical $108,000 support level.

But a deeper look at the technical indicators reveals a market on a knife’s edge, caught in a state of profound indecision.

The Average Directional Index (ADX) is hovering at 20, a reading that suggests a choppy, directionless market.

At the same time, the Relative Strength Index (RSI) at 40 is flashing a clear warning: the “Red September” effect is taking hold, with selling pressure beginning to dominate.

The Squeeze Momentum Indicator confirms this, showing that while a big move may not be imminent, the underlying trend remains distinctly bearish.

The most telling sign may be in the exponential moving averages (EMAs). While the broader configuration remains bullish, with the 50-day EMA above the 200-day EMA, the gap between the two is ominously starting to close.

This signals a dangerous deceleration of the bullish trend and raises the specter of a “death cross,” a technical pattern that would confirm a deep and protracted bear market.

The shadow of the Fed looms large

This internal market struggle is playing out under the long shadow of the Federal Reserve.

The central bank’s upcoming policy meeting on September 16-17 may well be one of the most contentious in years, a pivotal showdown that could determine the fate of all risk assets.

With markets currently implying an 87 percent chance of a quarter-point rate cut, the crypto market is trapped between the rock of seasonal weakness and the hard place of potential monetary relief.

Prediction markets are reflecting this bearish tilt.

On Myriad, traders now give Bitcoin a 75 percent chance of dropping to 105,000 dollars in the near future, a stunning reversal from just two weeks ago when the same market was pricing in a 90 percent chance of a surge to 125,000 dollars.

The storm clouds are gathering, and the calm of this early September morning may not last for long.

The post Bitcoin, Ethereum hold steady as crypto braces for a historically brutal September appeared first on CoinJournal.