Crptocurrency
Here’s What Hackers Stole In The $125 Million Poloniex Hack

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- The Poloniex hacker made off with a range of tokens across three different networks, including millions of dollars in memecoins.
According to on-chain statistics, over 175 different tokens with values over $10,000 were taken as part of a huge breach against the US-based crypto exchange Poloniex on Friday.
Estimates of the money stolen in the breach have risen to $125 million since earlier today.
What Poloniex Hackers Stole?
According to Nansen’s post on X (previously called Twitter), some of Poloniex’s major Ethereum-based withdrawals in the last 24 hours have included $11 million in Tether USD (USDT), $10.4 million in Ether (ETH), and $5 million in USD Coin (USDC).
The biggest token outflows ($), but not all were:
$11M USDT
$10.4M ETH
$6M ELON
$5M USDC
$4.7M SHIB
$3.1M OX
$2.5M GLMThis is currently the final page for Poloniex outflows pic.twitter.com/SCNVpBQKxw
— Nansen 🧭 (@nansen_ai) November 10, 2023
The exchange also lost a significant amount of money in memecoins, including $6 million in Dogelon Mars (ELON) and $4.7 million in Shiba Inu (SHIB). Other losses included $3.1 million in OX and $2.5 million in GLM (Open Exchange Token).
However, according to blockchain security startup PeckShield, Poloniex lost $56 million on the Ethereum blockchain, another $48 million on Tron, and 501 Bitcoin (BTC) worth $18 million on the Bitcoin network.
Read Also: Poloniex Suffers $100M Hack, Offers Hacker a 5% White-hat Bounty
The estimated loss of @Poloniex hack is ~$125m, mainly on three chains: $56m (ETH), $48m (TRX), $18m (BTC).
Also an interesting tx to look into: https://t.co/2RzpoGkb7e https://t.co/tNKR8zkIzY https://t.co/vWYgyYb78U pic.twitter.com/cXZ32mXCNn
— PeckShield Inc. (@peckshield) November 10, 2023
Despite the fact that $7.5 million of Tron’s losses were in dollar-pegged stablecoins, the majority of Tron’s losses included another 380 BTC, as well as another 68.2 Wrapped Bitcoin (WBTC).
Poloniex was purchased by Justin Sun, the founder of Tron, in 2019. He reaffirmed on Friday that the exchange’s losses are “within manageable limits” and can be compensated by operating revenue.
““The team has restored Poloniex’s systems, preserved relevant evidence, and in the coming days, we will work diligently to gradually resume deposits and withdrawals on Poloniex, ensuring 100% security,” he said on X.
Identifying the Hacker
Sun and Poloniex have also confirmed the freezing of some of the hacker’s stolen assets.
Though the organization expects to work with law enforcement to find the hacker, they have also given the thief a 5% whitehat bonus if 95% of the monies are returned to the exchange’s addresses within seven days.
We are investigating the hack incident. #Poloniex maintains healthy financial position and will fully reimburse the affected funds.
We are extending 5% 𝘄𝗵𝗶𝘁𝗲 𝗵𝗮𝘁 𝗯𝗼𝘂𝗻𝘁𝘆 to Poloniex hacker in exchange for the return of the funds to the following ETH/TRX/BTC wallets.
— Poloniex Exchange (@Poloniex) November 10, 2023
Changpeng Zhao, CEO of Binance, has promised to assist Poloniex by freezing stolen cash that may end up on the exchange. PeckShield claims that 25,500 stolen OMG tokens have already been delivered to Binance.
CertiK, another blockchain security firm, says that private key compromises will account for 57% of crypto losses in 2023.
Update on the @Poloniex hack
Across the ETH, TRON and BTC networks, $130m worth of assets have been stolen
~57% of the overall losses in 2023 so far have come from PK compromises https://t.co/zC5LICnffV
— CertiK Alert (@CertiKAlert) November 10, 2023
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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