Crypto Industry News:
Over the past week, the cryptographic community has been confused by three small Ethereum transfers that have consumed millions of dollars in fees. However, new reports have indicated that seven-digit charges may have been deliberately spent as part of a blackmail program targeting the cryptocurrency exchange, and the Chinese analyst firm PeackShield concluded that the transactions were likely due to extortion attempts. A number of millions of fees are the effects of a hacker attack trying to take over the cryptocurrency exchange. The report speculates that it was hacked during a phishing attack, allowing attackers to gain control over the rights to many of the platform's operational functions, including its servers.
Although the implementation of restrictions involving the use of multiple signatures prevented attackers from stealing funds from the stock exchange into portfolios under their control, it turned out that they were able to make transfers to addresses on the white list, specifying them as gas charges, for these transactions. Accordingly, researchers believe that hackers have the option of emptying the stock market if they do not receive a bribe, and PeakShield claims that 21,000 ETH remains in the portfolio under hacker control.
The first multi-million transfer fee took place on June 10, and the transfer fees of USD 2.6 million were only 0.55 ETH. Within 24 hours, a second 350 ETH transfer from the same portfolio was made, again spending USD 2.6 million on the aforementioned gas. The next day the Ethereum network processed a third interesting transfer, this time from a different portfolio. The transaction was based on the amount of 2,310 ETH for the transfer of 3,221 ETH.
Unclear transfers caused a number of different theories among members of the cryptographic community who sought to explain seven-digit fees, attributing transactions to the vindictive actions of a former stock exchange employee, a massive human error or money laundering error.
Technical Market Outlook:
The ETH/USD pair is getting away from the main channel lower line. The technical resistance located at the level of $235.42 has been too strong for bulls and new local low was made after the failed rally. The market is testing the local support at the level of $225.84, but any violation of this line will likely make the level of $217.65 the next target foe bears. The nearest technical resistance is still seen at the level of $235.42. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 - $269.64
WR2 - $259.20
WR1 - $244.61
Weekly Pivot - $234.84
WS1 - $219.79
WS2 - $210.55
WS3 - $195.77
Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.
