Crypto Industry News:
ETC faces a withdrawal from OKEx after a 51% attack that cost the crypto exchange $ 5.6 million.
According to a report recently published by OKEx, the perpetrators registered five accounts between June 26 and July 9, 2020, and then deposited 68,230.02 ZECs worth over $ 5 million on the platform.
On July 31, the attackers exchanged their ZEC assets for 807,260 ETC and withdrew them from the stock exchange. On the same day, they began to create a "chain of shadows" using the newly obtained hashrate. Back then, the chain was identical to the ETC main chain, but remained unknown to the rest of the community. They then deposited the ETC with OKEx while moving the same ETC in their chain to the wallet addresses they controlled - effectively doubling the issuance of coins.
They exchanged the newly deposited ETC for the ZEC with OKEx and withdrew the ZEC from the exchange. They then transferred their shadow chain to a network that was longer than the main chain.
OKEx reimbursed its users in the aftermath of the attack, claiming a full $ 5.6 million in losses. Since then, the exchange has temporarily suspended all ETC deposit and withdrawal activities and plans to extend the transaction confirmation time in the chain. The exchange representative said it could remove ETC entirely unless the community takes steps to improve network security and stability:
"The exchange will consider the ETC recall, pending the work of the Ethereum Classic community to improve the security of its chain" - traders can read in the statement.
Technical Market Outlook:
The ETH/USD pair has been trading around the level of $425 for the most part of the weekend as the fight for the trend line support continues. In a case of the extension lower, the next target for bears is seen at the level of $414.11 - $407.03, which is a key short-term demand zone for traders. The momentum has been decreasing since the top at the level of $442.93 had been made and there is still no real bounce there. Nevertheless, all the bigger time frame charts looks very bullish and the up trend should be continued after the supposed correction is completed.
Weekly Pivot Points:
WR3 - $542.08
WR2 - $493.82
WR1 - $466.95
Weekly Pivot - $411.50
WS1 - $387.37
WS2 - $337.80
WS3 - $311.68
Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.
