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Raydium Hack on Solana DeFi Exchange costs over $2 million

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for SolanaThe holiday season has been tough.

Solana has now experienced a major penetration of one of her biggest DeFi Protocols, causing the network to further struggle to recover from the crippling damage caused by the horrific downfall of one of its most prominent supporters, the disgraced founder of FTX. Sam Bankman Fried.

Solana DeFi protocol redium It reported early Friday that a hacker had taken control of “company owner authority” and used that privilege to start draining Raydium’s liquidity pools. Without the use of middlemen, users can trade, borrow and lend crypto assets to each other using DeFi tools. By enabling users to contribute assets to a pool, often in exchange for token rewards, automated market makers such as Raydium achieve this.

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According to research by blockchain analytics firm Nansen, a hacker stole more than $2.2 million in digital assets from such a pool on Raydium in just a few hours, including $1.6 million worth of SOL.

It appears that the hacker used one of the private keys of the protocol owner to carry out the attack. It is still not known how the hacker gained access to that data.

Raydium is one of Solana’s most important decentralized finance protocols, and is considered the foundation of the Solana DeFi ecosystem. Many in the Raydium community suggested abandoning the protocol altogether because it was open to such a regressive method of exploitation.

According to CoinGeckoIn the moments after the hack, Raydium native token RAY fell more than 8% to $0.16 at the time of writing. According to DeFi Llama, the total value locked on the protocol has fallen by more than 27% over the same time period, to $34.73 million as of this writing.

FTX connection

The vulnerability was discovered just one month after $650 million worth of digital assets were discovered Stolen from multiple FTX walletswhich at that time was in the midst of collapse. Later, Bankman-Fried confirmed that while the attack was not his fault, it may have been the work of a former FTX employee. Eight criminal charges, including conspiracy, fraud, and money laundering, resulted Bankman Fried arrested on Monday.

The private keys of Serum, a decentralized exchange and liquidity provider co-founded by Bankman-Fried himself, were discovered to be stored on FTX in the days following FTX’s demise. The fact that Serum has been integrated into almost all major Solana DeFi projects, including Raydium, has caused widespread panic on the network. Raydium and a number of other protocols were quick to sever their ties with Serum before launching the project’s fallout-free fork of FTX.

While Friday’s Raydium hack may not be related to Serum or FTX, it does show that Solana’s concerns remain.

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BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

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BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

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DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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