Crypto Industry News:
Lazarus Group has been identified as responsible for draining funds from the Stake platform. This has already been confirmed by the US Federal Bureau of Investigation (FBI).
Stake is a platform where you can place sports bets. It uses cryptocurrencies. Recently, however, Stake's security systems were compromised, leading to the loss of over $41 million in assets. Now we know who was behind this successful attack.
In a press release, the FBI announced that it had conducted an investigation into the hack, which revealed that the Lazarus Group, a hacking group cooperating with North Korea, was behind the hack. The agency also provided several cryptocurrency wallet addresses to which the criminals sent the stolen funds.
"Private sector entities are encouraged to review the previously published cybersecurity advisory (...) and examine blockchain data associated with the above-mentioned virtual currency addresses and to remain vigilant to protect against transactions directly occurring to or originating from these addresses." - added in the announcement.
The attack took place on September 4. Hackers stole millions of dollars in cryptocurrencies. Web3 cybersecurity firm Cyvers was the first to detect "multiple suspicious transactions" coming out of Stake. The hackers stole in installments: they first withdrew USD 16 million in ETH and stablecoins, and then stole another USD 25.6 million in other digital assets.
Cybersecurity firm Boesin estimated the total amount of funds stolen at $41.35 million. Stake later confirmed everything, stating that unauthorized transactions had taken place on its hot wallets on the Ethereum and BSC networks. At the same time, users were assured that their funds were safe. A few hours after the hacking incident, the company announced that deposits and withdrawals for all cryptocurrencies are back on the platform.
Technical Market Outlook:
The BTC/USD pair has broken below the key short-term technical support seen at the level of $25,356 and made a new swing low at the level of $25,333 and then quickly returned the trading range. The bearish pressure is strong as the momentum is again weak and negative, so the short-term outlook for BTC remains bearish. The intraday technical support is seen at the level of $25,387 and the intraday technical resistance is seen at the level of $26,015.
Weekly Pivot Points:
WR3 - $26,241
WR2 - $26,002
WR1 - $25,911
Weekly Pivot - $25,765
WS1 - $25,672
WS2 - $25,525
WS3 - $25,268
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
