Gate.io Blog Daily Flash | Audius Hacked and Drained by $1.08M, Bitcoin TA Setup Indicates Decisive Move Imminent

Daily Flash | Audius Hacked and Drained by $1.08M, Bitcoin TA Setup Indicates Decisive Move Imminent

25 July 13:32

Today's Headline - Audius Hit By Malicious Governance Proposal; Hacker Drains $1.08M From Treasury

Decentralized music platform Audius seems to have been hit by a malicious governance proposal that has allowed the attacker to drain 18 million AUDIO tokens (worth roughly $6 million). The hacker reportedly dumped the tokens in the open market for $1.08 million causing massive slippage in price.

Blockchain investigator Peckshield narrowed down the fault to Audius’ storage layout inconsistencies. Audius’ immediate response to the hack was to proactively halt all Audius smart contracts and AUDIO tokens on the Ethereum blockchain.

Investors have recommended the firm immediately execute a buyback of the tokens to prevent existing investors from dumping them and further lowering the token’s floor price. The investigation into the issue is still ongoing.

Chart of the Day - Bitcoin Lightning Network Capacity: Glassnode report

Bitcoin Lightning Network capacity in public channels continues to push to new highs, despite prevailing bear market headwinds.
Total capacity is now at 4,290 $BTC, which has increased by 34.6% since the November market peak.

As of this writing,
Bitcoin (BTC) is changing hands at around $21,860, down 2.38% in the past 24 hours,
while Ether (ETH) is trading at $1,516, or down 2.87% during the same period.
Major altcoins such as Cardano (ADA), Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Cosmos (ATOM) are all trading in the red between -4% to -6%.

Notable gainers include:
CEEK VR (CEEK) at $0.264 (+7.5%),
Celer Network (CELR) at $0.019 (+5.4%),
Bitcoin Cash (BCH) at $128.05 (+2.7%),
Voyager Token (VGX) at $0.424 (+4.9%).

Many analysts expect a weekly close above the 200-week MA ($22,705) to attract further buying but a break below it could signal that bears are back in the game. BTC's current setup suggests that a decisive move is imminent.

The bears tried to sink Bitcoin back into the symmetrical triangle on July 23 but the bulls had other plans. The rebound off the breakout level from the triangle indicates that buyers are defending the level aggressively, according to Cointelegraph analyst Rakesh Upadhyay.

The gradually rising 20-day exponential moving average ($21,865) and the relative strength index (RSI) in the positive territory indicate an advantage to buyers.
If bulls sustain the price above the 50-day simple moving average ($22,384), the BTC/USDT pair could rally to the overhead resistance zone between $23,363 and $24,276. Conversely, if the price slips below the 20-day EMA, the pair could decline to the next support at $20,500.

Meanwhile, Ether is facing stiff resistance at $1,700 but a positive sign is that buyers have not given up much ground. A tight consolidation near the overhead resistance increases the likelihood of a break above it.

If buyers drive the price above $1,700, the bullish momentum could pick up and the ETH/USDT pair could rise to $2,000 followed by a rally to $2,200. To invalidate this positive view, the bears will have to sink the pair below $1,450.

Influencer of the Day - U.S. Senator Elizabeth Warren calls for stricter regulation of cryptocurrencies in the country

Elizabeth Warren believes that Congress and the SEC should take an even tougher stance on the regulation of the cryptocurrency industry. This was reported by Yahoo Finance.

“Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money," Warren said.

According to her position, regulators should care more about protecting investors and ensuring financial stability.

Buzzes of Yesterday - #EpicGames Won’t Ban NFTs, #Taiwan Bans Credit Card Crypto Purchase

Epic Games 'Definitely Won’t' Follow Minecraft’s NFT Ban: CEO

Animoca Brands Launches Interoperability DAO to Develop Metaverse Standards

Ripple Remittance Technology Launches on Shopify via Airwallet’s New Online App

Premint to Return $500K in Ethereum to NFT Hack Victims

Bitcoin network difficulty drops to 27.693T as hash rate eyes recovery

California Ends Ban on Bitcoin and Other Crypto Donations to Political Campaigns

Taiwan to Prohibit Purchasing Crypto With Credit Cards

Bank Indonesia Prepares to Issue Digital Rupiah as Legal Tender for Digital Payments

Finnish Customs Sold Seized Almost 2,000 Bitcoins

South Korea Proposes to Defer Planned Crypto Tax Until 2025

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

ETH/USDT + 2.16%

BTC/USDT + 0.61%

BCH/USDT -1.75%

XRP/USDT -0.54%

CELR/USDT + 1.61%

CEEK/USDT + 1.86%

AUDIO/USDT + 4.26%

VGX/USDT + 0.41%

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