Truebit Suffers 8,535 ETH Hack Worth $26.36 Million Due to Legacy Contract Vulnerability
- Security Vulnerability Exposed: Truebit suffered a hack due to a legacy issue in its TRU purchase/minting contract, resulting in a theft of 8,535 ETH valued at $26.36 million, highlighting the risks associated with outdated contracts in decentralized finance (DeFi).
- Funds Flow Path: The stolen ETH was funneled through Tornado Cash for anonymity, sparking intense discussions on cryptocurrency regulation and underscoring the critical need for regular audits of existing smart contracts.
- Market Reaction: The incident led to a significant 63.14% drop in Ethereum (ETH) trading volume over the past 24 hours, despite a 6.26% price increase on the day, while still reflecting a 25.35% decline over the past 90 days, indicating heightened market sensitivity to security issues.
- Follow-Up Actions: The Truebit team has identified the exploited contract and advised users to avoid interaction, while collaborating with law enforcement for potential fund recovery, though no specific plans for contract security enhancements have been disclosed.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH 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, ETH 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 $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 623.46 | 1185.63 | 1704.31 | 2266.48 | 2785.16 | 3347.33 | 3866.01 |
| Fibonacci | 1185.63 | 1598.515 | 1853.595 | 2266.48 | 2679.365 | 2934.445 | 3347.33 |
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