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Ethereum Price Little Changed After Bancor Hack Compromises $12 Million ETH

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The value of Ethereum was down only slightly Monday after hackers made off with roughly $12 million worth of the digital currency in a coordinated attack on Bancor, a decentralized cryptocurrency exchange. At the time of writing, the stolen ether is still at large.

Bancor Attack

At roughly 00:00 UTC, Bancor was subject to a security breach exposing tens of thousands of ETH coins. ERC-20 tokens NPXS and BNT were also compromised in the attack.

Bancor disclosed the attack early Monday in a post that appeared on Twitter. The attack targeted a wallet used to upgrade some smart contracts on the network, which allowed the perpetrator to steal large sums of ERC-20 tokens in addition to Ethereum.

The monetary breakdown of the attack is as follows:

  • 24,984 ETH (~$12.5 million)
  • 229,356,645 NPXS (~$1 million)
  • 3,200,000 BNT (~$10 million)

NXPS is the native currency of the Pundi X platform. Bancor is the native coin of the Bancor exchange.

“Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft,” the company said in the statement. ” The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach…”

Bancor was unable to freeze the stolen ether, but is now working with dozens of exchanges to trace the funds. If successful, this will make the stolen coins harder to liquidate on the open market.

The company assured users that no wallets were compromised and that an investigation was ongoing.

Interestingly, this is the second time in as many months that NPXS has been targeted by hackers. The token was compromised last month in an attack on Coinrail, a smaller digital currency exchange based in South Korea.

ETH/USD Price Levels

Ether drifted mostly lower Monday, though losses were generally well contained in spite of the Bancor attack. The ETH/USD exchange rate spent most of the day between $480 and $490 before bottoming near $475 in the early evening. Prices are down 3% over 24 hours.

The largest cryptocurrency by market capitalization crossed the $500 mark on Sunday for the first time in two-and-a-half weeks. The gains were accompanied by a slight bump in trading volumes, a trend that continued into Monday.

When measured by trading volume, ether is the third largest cryptocurrency on the market behind bitcoin and tether, a dollar-pegged stablecoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 609 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Market Stabilizes as Ripple Craze Fades

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The major cryptocurrencies had crazy Friday, with the skyrocketing Ripple in the center of attention. XRP more than doubled in 24 hours, and the coin was up 3 times off its low from earlier this month before entering a correction in the second half of the day. Ripple briefly took over Ethereum as the second largest coin by market capitalization, even as ETH also hit an almost three-week high amid the broad rally in the segment.

XRP/USDT, 4-Hour Chart Analysis

XRP settled down above the $0.50 level near the market cap of ETH, but short-term the coin is severely overbought, and a pullback to the $0.42-$0.46 zone is still very likely even if the coin manages to hold on to its stellar gains and enter long-term rising trend. For now, a long-term trend change is not confirmed, despite the huge bullish move, with most of the segment still being in bearish long-term trends.

That said, the short-term buy signal is still intact in our trend model, and should the overbought readings get cleared, traders could enter new positions again. Support levels are found near $0.54, $0.51, while resistance is ahead near $0.57, $0.64, and $0.75.

BTC/USD, 4-Hour Chart Analysis

Bitcoin got up to $6750 yesterday, but so far, it failed to overcome the resistance zone near that price level, and the coin is now trading in a shallow short-term correction. BTC needs to stay above the $6500 support to maintain the break-out that followed Ripple’s surge and to remain on a buy signal in our trend model.

The fact that correlations are still declining between the coins is a positive sign, but the overall bearish picture in the segment and Bitcoin’s proximity to the key long-term zone still warrant caution here. Further resistance zones are now ahead near $7000 and between $7200 and $7300, while support below $6500 is still found at $6275, $6000, and near $5850.

Altcoins Pull Back with Ripple, Short-Term Setup Still Promising

ETH/USD, 4-Hour Chart Analysis

Ethereum finally broke above the key $235 support/resistance level thanks to yesterday’s broad rally, and the coin reached the next major resistance zone near $260 as expected after the bullish move. Now the dominant declining trendlines are not far away, so traders should reduce their positions, since the long-term trend is still clearly bearish.

A test of the lows is still in the cards in the coming weeks, and the coin remains on a long-term sell signal despite the short-term rally.  Support is found near $200, $180, at the low near$170, and at $160, while further resistance is ahead between $275 and $$280 and at $300.

Stellar/USDT, 4-Hour Chart Analysis

Stellar was among the strongest coins during yesterday’s rally, following Ripple higher, but now it is testing the key support/resistance zone between $0.2375 and $0.25 after entering a correction together with the broader market.

That said, the break-out is intact in Stellar, and traders could hold on to their positions here. Support levels are found near $0.21, $0.1930, and $0.1830, while further resistance is ahead near $0.2650 and $0.2850.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 351 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Altcoins

Why Investors Should Pay Attention to RHOC

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In every industry, there is one company that tries to become so technologically superior that it can overcome all the other challenges posed by their competition. Whether the other competitors have first mover’s advantage or are just plain better marketers, one company can disrupt this by being so much more advanced where it matters.

Bitcoin is constantly criticized for its scaling ability. The speed and safety of the network has proven to be lacking, but the story and community behind it have allowed it to become massive. RChain was formulated with the core belief that by creating a solution that solved all the problems Bitcoin couldn’t, it could gain dominance.

RHOC’s Main Value Proposition

To sum up the entire goal of RChain (or RHOC), they aim to be the fastest and most efficient solution on the market. From there, it should be simple to take advantage of the core communities that have been built around media favourites like Ethereum and Bitcoin.

RChain gets its name from the mathematical innovations that are used to fuel it: Reflective High-Order Calculus. This calculus was invented by the founder, Greg Meredith, and it allows for concurrent calculations to be done in a way that will enable the continued scaling of the network.

There are 3 benefits that are constantly highlighted about RChain. Speed is first and foremost, since it is a key selling point for everyone. With the ability to process 40,000 transactions per second (and high hopes of scaling to 100,000 transactions per second), this puts it way ahead of the current capabilities of Bitcoin.

Then you have the tools provided for developers, which should greatly improve their ability to create apps and products that work well with the platform. But most of all, RChain has put a lot of work into creating their own RChain Collective. The collective is a public group composed of developers, investors, and users of RChain. By creating this inclusive collective, the RChain team has guaranteed that every member has some say in the future of the platform.

RHOC’s Recent Performance

2018 has seen a slow but consistent rollout of the features promised by the RChain Cooperative, and now many of the promises are starting to come to fruition. As more features are offered and the mainnet demonstrates its ability to handle a higher number of transactions, RChain will become much more appealing for investors and developers.

In situations like this, the first thing people usually say is that it is a pump n’ dump scheme, but there is one key reason why this doesn’t fit RChain. They are continually updating their development timeline, and have released consistent offerings along the way. Their testnet is planned to be released in September 2018, with the mainnet following sometime in Q1 2019.

Although RHOC is down 31.4% in the last month, it is well-positioned for a comeback. Its total market capitalization is $121 MM, which places it in the top 20 of ERC-20 tokens. Making a bet on RChain is really about making a bet on the team they have in place, and their ability to deliver on the massive promises they have made. Because if they do, then it could mean massive disruption in a sector that has mostly been focused on Bitcoin and Ethereum from the beginning.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

The Flippening: XRP Overtakes Ethereum as Second-Largest Cryptocurrency

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XRP’s sudden and dramatic surge over the past four days has fundamentally altered the composition of the cryptocurrency market. On Friday, the so-called banker’s cryptocurrency overtook Ethereum as the world’s second-largest blockchain, highlighting the latter’s struggle over the past two months.

Market Cap Rankings

The market capitalization for XRP has more than doubled this week and now sits at $23.6 billion, according to CoinMarketCap. The dramatic surge follows a 115% spike in the XRP price since Tuesday.

Ethereum, which has long held the no. 2 spot in the crypto market rankings, has fallen to third spot with a total market cap of $23.3 billion. Ether’s price is up more than 7% on Friday and lags considerably behind XRP over the past five days.

Trading in XRP is up across all major exchanges. XRP’s daily turnover now sits at $2.6 billion, having gained a staggering 800% since Tuesday.

At the time of writing, the total cryptocurrency market capitalization was worth nearly $225 billion. The market was valued at roughly $200 billion just 24 hours ago.

The Flippening

Despite being one of the most polarizing cryptocurrencies on the market, XRP has managed to win over investors who are keenly monitoring institutional adoption of blockchain technology. Ripple Labs, the company behind XRP, has announced hundreds of partnerships over the designed to boost mainstream adoption of blockchain technology.

All that came to a head on Monday after a Ripple executive teased the release of the first xRapid product. Sagar Sarbhai, head of regulatory relations for Ripple’s Asia-Pacific and the Middle East unit, told CNBC that a new cryptocurrency offering centered on the xRapid system was due in the “next month or so.” This news helped propel XRP through the stratosphere.

Ethereum, on the other hand, was the center of the most recent market meltdown that saw prices plummet nearly 90% from peak-to-trough. Ether briefly fell below $170 last week as coin offerings continued to liquidate their holdings. According to some analysts, Ethereum is facing an existential crisis amid declining reservation demand and concerns over “economic abstraction.” Although the development community is addressing these concerns, Ethereum’s short-term price trajectory has been extremely volatile.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 609 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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