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Crypto hacks and exploits snatch over $300M in Q2 2023: Report

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More than $300 million in digital assets were lost to crypto hacks and exploits in the second quarter of 2023, according to on-chain data compiled in the quarterly report by the blockchain security company CertiK. 

In the report, CertiK showed that there were a total of 212 security incidents in the quarter. The firm noted that across the incidents, malicious actors drained a total of $313,566,528 from Web3 protocols. Compared to the second quarter of 2022, when hacks and exploits took $745 million, the security firm pointed out that there was a 58% decline in the amount lost.

Despite the lower total amount recorded compared to 2022, the quarter saw an increase in the value lost to exit scams, which amounted to around $70 million in the second quarter of 2023. This is almost double the losses from similar scams in the first quarter, which was around $31 million.

Meanwhile, losses from flash loans and oracle manipulation exploits saw a drastic decrease in the second quarter compared to the first quarter of 2023. In the first quarter, there were a total of 52 oracle manipulation attacks leading to losses of around $222 million, with the infamous Euler Finance hack contributing 85% to the losses.

In the second quarter, there were a total of 54 flash loan and oracle manipulation attacks, which led to losses of around $23 million, an 89% decline compared to the first quarter.

Related: Poly Network urges users to withdraw after exploit affects 57 crypto assets

Apart from this, CertiK also highlighted that out of all the blockchains the firm analyzed, BNB Chain recorded the most incidents, with 119 incidents leading to $70,711,385 in losses. Ethereum came in second place, with 55 incidents netting hackers $65,999,953.

Meanwhile, a report from PeckShield showed that half of stolen nonfungible tokens (NFTs) are being sold within three hours of being stolen by malicious actors — indicating that hackers are quick to offload their ill-gotten gains after performing NFT theft.

Magazine: Should crypto projects ever negotiate with hackers? Probably

Cryptocurrency

Tron (TRX) Price Heatmap: Is a Local Bottom on the Horizon?

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Post-Christmas, the cryptocurrency market turned red, with most assets suffering heavy losses. Tron (TRX) is not immune to the downturn. Earlier this month, the asset reached a new peak and reclaimed the 10th spot by market cap, which sparked a renewed sense of hope in the community.

But the latest pullback extended its losses. As a result, TRX is down by over 43% from its recently established all-time high of $0.43 to the current price level of $0.25. However, data points to the formation of a local bottom soon.

TRX Nearing a Turning Point?

CryptoQuant’s analysis of TRX’s price heatmap revealed that the green trend, represented by the one-year moving average plus two sigma, could serve as a crucial support level during the current market correction.

Historically, this green trend has acted as a strong foundation during bull rallies, and it is anticipated to provide similar support, potentially marking a local bottom for TRX’s price.

TRX Chart. CryptoQuant
TRX Chart. Source: CryptoQuant

The current levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively. These levels are dynamic and will likely adjust upward with increased interest and demand. As the market heats up, attention should be given to the purple and blue trends, which may act as resistance zones. If TRX price stays above the green trend, it could signal the start of a new upward trend.

On the other hand, CryptoQuant warned that a drop below the green trend might indicate a weakening bull cycle. As demand strengthens, Tron’s price could target the purple and blue trend levels, with a breakthrough above the 0.40 level offering strong market confidence.

What’s Next For Tron?

Earlier this month, TRX’s rally was driven by speculations about Grayscale listing and Tron founder Justin Sun’s initiatives, including a $30 million purchase of WLFI tokens tied to Trum’s project and his advisory role. Sun’s involvement with the artwork “Comedian” has also engaged the community, igniting ripple effects for tokens like BAN and related projects.

Despite the latest setback to the rally, experts point to a moderately favorable year ahead for the asset. CoinCodex, for one, predicted that TRX could see a modest 2.93% price increase to $0.264 by January 24, 2025. The sentiment remains neutral, while the Fear & Greed Index reflects high optimism at 73 (Greed).

TRX has demonstrated 50% green days and 17.17% volatility over the past month, thereby indicating active market participation. Analysts view this as a good buying opportunity, with expectations of a short-term peak of $0.268 on December 30, 2024.

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Cryptocurrency

ADA Needs to Maintain This Level to Avoid Drop to $0.5: Cardano Price Analysis

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Cardano is one of those crypto assets that has closely followed Bitcoin in terms of price action and is currently experiencing a pullback similar to BTC.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

On the USDT-Paired chart, the asset began its aggressive rally at the beginning of November, breaking the 200-day moving average to the upside. Since then, multiple resistance levels have been broken, but the $1.2 level has rejected the asset on a couple of occasions.

The market’s failure to continue beyond the $1.2 level has led to a correction toward the $0.75 support zone, successfully preventing a deeper decline. If this level holds, it could only be a matter of time before ADA climbs above the $1.2 mark. Yet, a breakdown of this area could result in a drop toward the 200-day moving average, located around the $0.5 level.

The BTC Paired Chart

On the ADA/BTC daily chart, it is evident that Cardano has outperformed Bitcoin during the recent crypto rally but is also depreciating against BTC on a broader scale. With the 1,000 SAT support level being almost broken to the downside, it is likely for the ADA/BTC chart to decline toward the 200-day moving average, located around the 700 SAT mark.

Therefore, as the chart suggests, it is probable that BTC will outperform ADA in the coming weeks.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Bitcoin Price Analysis: BTC Risks Dropping Toward $80K if it Fails to Reclaim $100K Soon

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Bitcoin has failed to sustain its rally above the $100K level and has been correcting over the last week.

Yet, a bullish continuation can materialize soon.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily chart, the asset dropped below the $100K level last week and has failed to climb back above it since. While the $90K support zone has held the market, preventing it from dropping lower, the price has failed to break above the $100K level yet again and is getting rejected to the downside.

This could result in a deeper continuation below the $90K and toward the $80K area in the coming weeks if the price fails to break back above $100K.

The 4-Hour Chart

Looking at the 4-hour timeframe, things look slightly more tricky for Bitcoin. The price has recently broken the ascending channel pattern to the downside, which can be a reversal signal. The lower boundary of the pattern has also been retested twice alongside the $100K resistance level.

Yet, both levels have held and pushed the asset lower, which could lead to a drop toward the $90K level and even lower in the short term.

 

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Long-Term Holder SOPR

Not everything can be figured out using technical and price analysis. For a better view of the underlying dynamics of the Bitcoin network, it is beneficial to analyze on-chain metrics.

This chart presents the long-term holder SOPR metric, which measures the ratio of profit realization by investors who have held their coins for over 6 months. As the chart suggests, the realized profit is relatively high, but it has yet to reach the values previously seen when the market was consolidating below the $70K level. This is especially interesting, as BTC is now trading around $100K.

As a result, it could be interpreted that long-term holders’ selling pressure is still insufficient to overwhelm the market, and the price could still rally higher in the coming weeks.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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