Ribbon Finance, previously known as Aevo, suffers $2.7 million loss in DeFi hack
Attack Overview: A sophisticated attack on Ribbon Finance drained $2.7 million from its old contract, exploiting vulnerabilities in the oracle infrastructure just six days after an upgrade, using a malicious contract to manipulate price feeds and execute fraudulent transactions.
Oracle Vulnerability: The attack was facilitated by discrepancies in decimal precision between newly updated assets and older ones, allowing the attacker to exploit the system by creating poorly structured option products and manipulating expiry prices.
Hacker's Strategy: The attacker created multiple subaccounts to mint options with minimal collateral, taking advantage of the lack of payout limits, which enabled the extraction of significant assets without triggering restrictions.
Clarification on Opyn: Contrary to rumors, the decentralized application Opyn was not compromised; the hack was primarily due to the upgraded oracle code in Ribbon Finance that allowed users to set prices for new assets, leading to the exploit.
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Technical Analysis for DEFI
Technical Sentiment Analysis for DeFi (DEFI) As of , DeFi (DEFI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DEFI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, DEFI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
DeFi (DEFI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000197 | 0.000246 | 0.000294 | 0.000343 | 0.000391 | 0.00044 | 0.000488 |
| Fibonacci | 0.000246 | 0.000283 | 0.000306 | 0.000343 | 0.00038 | 0.000403 | 0.00044 |
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