tl;dr
Decentralized protocol Onyx has experienced a security breach, resulting in hackers draining over $3 million. The incident, attributed to a bug in the CompoundV2 code base, has sparked concerns about market security and the vulnerability of decentralized protocols. Regulatory scrutiny of such incide...
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OnyxDAO faces security breach with hackers draining $3M - Regulators ramp up efforts in response to crypto security breaches
Decentralized protocol Onyx has experienced a security breach, resulting in hackers draining over $3 million. The incident, attributed to a bug in the CompoundV2 code base, has sparked concerns about market security and the vulnerability of decentralized protocols.
Regulatory scrutiny of such incidents is increasing, with the United States Securities and Exchange Commission (SEC) filing lawsuits against crypto exchanges and firms. This breach has reignited debates on the security of decentralized assets and protocols within the crypto ecosystem.
Onyx Faces Security Breach With Hackers Draining $3M, Here’s All ONYX FACES SECURITY BREACH WITH HACKERS DRAINING $3M, HERE’S ALL Decentralized protocol Onyx faces a security breach as bad actors drain over $3 million sparking debates on the wider market security. By David Pokima 9 hours ago
* OnyxDAO is reportedly facing a security breach leading to over $3 million in losses.
* The incident is attributed to a CompoundV2 code base bug.
* Crypto holders lament the rate of hacks and other bad actor activities.
Decentralized protocol, Onyx is facing a major breach as bad actors drained $3.2 million sparking user fears. This adds to the recent cases of hacking activities in the crypto market as global authorities ramp up scrutiny. Some commentators say the infamous trend will dampen sentiment amid rising institutional investment.
ONYX HACK LOSSES HIT $3M OnyxDAO is reportedly facing a security breach that has led to losses hitting $3.2 million. Blockchain security and data firm PeckShield flagged the recent activity around the company. On-chain data shows the malicious wallet holds large amounts of VUSD with funds being moved across platforms. The attacker currently holds about 521 ETH worth approximately $1.36M.
The Onyx incident has been attributed to a precision issue involving the CompoundV2 code base with the bug exploited to manipulate exchange rates leading to loss of funds. Assets drained include VUSD, DAI, XCN, USDT, and WBTC. This event has sparked debates on the security of decentralized protocols and assets within the ecosystem.
Previously, crypto users have faced huge losses due to the activities of hackers. While phishing attacks and bridge hacks are popular targets, other platforms also face security incidents to varying degrees. Recently, Ethena Labs suspended its website activities after it faced a security breach on its domain registrar. The platform also urged users not to interact with sites purporting to be Ethena to avoid losses.
REGULATORS RAMP UP EFFORTS Hacks similar to the Onyx incident have drawn the attention of regulators to the crypto market. While these attempts are to protect user funds from bad actors, regulatory methods can stifle innovation in the sector. This is seen in the United States regulatory sphere with the Securities and Exchange Commission (SEC) filing several lawsuits against crypto exchanges and firms. US Congressman Ritchie Torres accused the SEC of misusing its SAB 121 regulation to target crypto firms. However, the community lauds recent efforts made in the US ecosystem as the election approaches.
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General Dynamics Corporation Summary General Dynamics Corporation
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Industry Sector: MANUFACTURING
Key Statistics:
- Ship & Boat Building & Repairing
- Market Cap: $82.9 billion
- P/E Ratio: 23.51
- Dividend Yield: 5.48%
- Earnings Per Share (EPS): 12.83
- Price/Earnings to Growth (PEG) Ratio: 0.0789
- Revenue: $44.946 billion
- Operating Income: $3.2316 billion
- Beta: 0.207
- Volatility: 0.18
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Industry: MANUFACTURING
Sector: MOTOR VEHICLES & PASSENGER CAR BODIES
Market Cap: 5,686,587,000
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Change: $0.44
Change (%): 3.28%
Previous Close: $29.75
EPS: $0.112
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Dividend Yield: 0.5%
Beta: 0.109
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Technical Analysis Report Key Takeaways from Latest Market Analysis
After conducting a detailed technical analysis, it's evident that the stock is currently trading near a strong resistance level at $150. This signifies a potential reversal point where selling pressure may increase.
The Relative Strength Index (RSI) is also indicating overbought conditions, suggesting that the stock price may be due for a pullback in the near term.
Furthermore, the moving average convergence divergence (MACD) indicator is showing a bearish crossover, indicating a potential shift in momentum towards the downside.
Considering these factors, investors should exercise caution and closely monitor the price action around the $150 resistance level. A decisive breakout above this level could signal a continuation of the bullish trend, while a failure to break through may lead to a downside move towards the next support level at $135.
Disclaimer: While technical analysis provides valuable insights, it's important to remember that it's not a guarantee of future stock performance. Investors should conduct thorough research and consider various factors before making any investment decisions.
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