tl;dr
A security exploit on staking protocol Bedrock allowed users to swap Universal Bitcoin for Ethereum at a 1:1 ratio, despite a price difference of over $60,000, resulting in an estimated $2 million being taken from the protocol. Bedrock is working to recover the lost funds and finalize a reimbursemen...
A security exploit on staking protocol Bedrock allowed users to swap Universal Bitcoin for Ethereum at a 1:1 ratio, despite a price difference of over $60,000, resulting in an estimated $2 million being taken from the protocol. Bedrock is working to recover the lost funds and finalize a reimbursement plan. The vulnerability arose from a contract upgrade that occurred 36 hours before the attack, and the affected smart contract had not been audited. The exploit was an "infinite-mint vulnerability" on the uniBTC token, but potential losses were minimized with the help of a white hat group. At the time of writing, uniBTC is worth $63,450 while Ethereum is $2,660.
The initial wallet was funded by Tornado Cash before the exploit, and the appropriated funds were sent to a new wallet holding 650 ETH. The Bedrock deployer address later sent messages to both addresses, inviting them to become white hats for the protocol. The wallet holding the stolen funds is currently inactive.
A security exploit on staking protocol Bedrock allowed users to swap Universal Bitcoin, a wrapped Bitcoin on the platform, with Ethereum at a 1:1 ratio, despite a price difference of more than $60,000. The exploit, which has now been "handled," resulted in an estimated $2 million being swiped from the protocol, mostly from decentralized exchange liquidity pools. The staking protocol said it is working to recover the lost funds, that a reimbursement plan is being “finalized,” and that it will share proof-of-reserves “once it is available.”
Dedaub, a third-party security firm, had notified Bedrock of the vulnerability hours prior to the attack—but most of the team was asleep, so couldn’t act in time. The vulnerability came about as part of a contract upgrade that took place 36 hours before the attack, which mismatched the exchange rate between Ethereum and Bitcoin. Bedrock confirmed to Decrypt that the smart contract in question had not been audited before it was deployed.
"Unfortunately, we did not follow the strict conventions of getting an audit for this and paid the price," the spokesperson told Decrypt. "We are taking full responsibility and will be forking out a full compensation to the amount of BTC obtained by the exploiter." In many ways, the protocol was fortunate that only $2 million was taken. As explained by Dedaub, the exploit was an “infinite-mint vulnerability” on the uniBTC token, meaning that the entire protocol’s funds could have been drained.
“We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.” Bedrock posted on Twitter over six hours after it was highlighted on Twitter, “At this time, no extra actions are required from our community. Rest assured that all uniBTC held by users are safe.”
At the time of writing, uniBTC is worth $63,450 while Ethereum is just $2,660, according to CoinGecko. That means for every uniBTC that the attacker minted they would have profited over $60,000. The initial wallet was funded by Tornado Cash, a crypto mixer sanctioned by the U.S. Treasury, before performing the exploit at 6:28 p.m. UTC on Thursday to the tune of $1.8 million. It then sent the appropriated funds to a new wallet that now holds 650 ETH ($1.73 million). Both addresses later received blockchain messages from the Bedrock deployer address.
“We would like to communicate with you inviting you to become a white hat for the recent incidence,” the message reads. “Would you be interested in working with us and making the protocol more secure? And we are happy to work on a reward for your help.” White hat hackers use their skills to help boost the security of platforms by identifying exploits. There are countless examples of crypto protocols losing millions in attacks for the funds to later be returned, in a white hat rescue pivot. For now, however, this does not seem to be the case for Bedrock, as the wallet holding the stolen funds is inactive.
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The Importance of Support and Resistance Levels in Technical Analysis
Support and resistance levels play a crucial role in technical analysis. These levels represent points where the price tends to find barriers as it moves in a particular direction. When the price approaches a support level, it is expected to bounce off that level and move higher. Conversely, when the price approaches a resistance level, it is expected to reverse and move lower.
Breakouts and their Significance
Breakouts occur when the price moves through a support or resistance level, often with high volume, signaling a potential shift in the current trend. A breakout above a resistance level indicates a bullish trend, while a breakout below a support level indicates a bearish trend. Traders often look for breakouts as potential entry or exit points for their positions.
Identifying Patterns such as Head and Shoulders
Patterns like the head and shoulders pattern can provide valuable insights into potential trend reversals. This pattern consists of three peaks, with the middle peak being the highest (the head), flanked by two lower peaks (the shoulders). A break below the neckline, which connects the lows of the two troughs between the peaks, suggests a bearish trend reversal.
Using Indicators to Confirm Trends
Indicators such as the Relative Strength Index (RSI) and Bollinger Bands can help confirm the strength of a trend. The RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions, while Bollinger Bands indicate the volatility of the price. A combination of these indicators can provide a comprehensive view of the market trend.
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Summary of Market Analysis:
In the current market, the S&P 500 index is showing a clear bullish trend, supported by the upward sloping 50-day and 200-day moving averages. The Relative Strength Index (RSI) is in the overbought territory, indicating a strong bullish momentum. However, caution is advised as the index approaches the key resistance level of 3,000, which may lead to a potential pullback.
Apple Inc. stock is exhibiting a bullish breakout from a consolidation pattern, with the RSI confirming strong buying momentum. The price has surpassed the 50-day moving average, signaling a potential uptrend continuation. The next resistance level to watch is at $250.
Amazon.com Inc. stock is demonstrating a classic head and shoulders pattern, suggesting a bearish trend reversal. The price has dropped below the 200-day moving average, indicating potential downward pressure. The RSI is approaching oversold levels, but a clear break below the $1,900 support level could trigger further selling.
Overall, while the broader market is displaying bullish signals, specific stocks like Apple Inc. and Amazon.com Inc. require careful monitoring due to diverging patterns. Traders should remain vigilant and consider the broader market context in their decision-making process.
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