tl;dr
The Penpie decentralized finance (DeFi) protocol, built on the Pendle yield platform, was exploited, resulting in a loss of approximately $27 million in crypto assets. The attacker stole various tokens, including staked Ethereum (ETH), Ethena’s sUSDE, and wrapped USDC. The funds were converted to ET...
The Penpie decentralized finance (DeFi) protocol, built on the Pendle yield platform, was exploited, resulting in a loss of approximately $27 million in crypto assets. The attacker stole various tokens, including staked Ethereum (ETH), Ethena’s sUSDE, and wrapped USDC. The funds were converted to ETH using the Li.Fi protocol and moved to a new address.
Cyvers, a blockchain security firm, reported the incident and detected suspicious activity involving Penpie’s contract. Pendle confirmed the breach in Penpie’s system but assured its users that their funds on Pendle remain safe. However, all contracts were temporarily halted as a safety measure while working closely with the Penpie team to assess the damage.
The attack caused Penpie’s native token (PNP) to plummet by 40%, and Pendle’s token (PENDLE) also saw an 8% drop. This incident is part of a growing wave of crypto hacks in 2024, with over $1.2 billion stolen across 154 incidents this year, according to a report by Immunefi.
Phishing attacks have also surged, with a report from Scam Sniffer showing a 215% rise in financial losses in August. While fewer attacks occurred compared to July, the amount of stolen funds spiked, with one phishing scheme netting $55 million.
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The Art of Technical Analysis: Navigating the Stock Market
In the current market, we observe a clear breakout above the key resistance level, indicating a potential bullish trend. The Relative Strength Index (RSI) also supports this upward momentum, showing a strong buying pressure. Furthermore, the moving average convergence divergence (MACD) indicator suggests a continuation of this bullish trend.
However, it's crucial to note that the price has reached a historically significant resistance level, which may lead to a temporary pullback. Traders should closely monitor this level for a potential reversal or a sustained breakout. Additionally, the Bollinger Bands indicate an increased volatility, signaling the possibility of sharp price fluctuations in the near term.
Overall, while the technical indicators currently favor a bullish outlook, it's essential to remain vigilant and consider the potential risks associated with the prevailing market conditions. As always, past performance is not indicative of future results, and risk management should be a priority in any trading strategy.
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After conducting a comprehensive technical analysis, it is evident that the stock is currently trading near a key support level, indicating a potential buying opportunity for traders. The Relative Strength Index (RSI) is also confirming this bullish outlook by showing a positive divergence, suggesting a possible trend reversal.
Furthermore, the moving averages have recently experienced a bullish crossover, signaling a shift in momentum towards the upside. This, coupled with the breakout above the resistance level, strengthens the bullish case for the stock.
However, it is crucial to note that the Bollinger Bands are indicating a period of increased volatility, which could lead to short-term fluctuations in the stock price. Traders should be mindful of this volatility and consider implementing appropriate risk management strategies.