Tag Archive for: paints

Solana price ‘bear flag’ paints $50 target as Wormhole hack exposes security hole


Solana (SOL) became one of the worst performers among the top cryptocurrencies on Feb. 3 as traders assessed its links with the second-biggest hack to date.

$325M worth of wETH gone

SOL price dropped by 5.50% to below $96.50 as Wormhole, a bridge between Solana and Ethereum blockchains, reportedly lost $325 million worth of Wrapped Ethereum (wETH) due to a technical vulnerability.

Prior to the hack on Wednesday, SOL was trading as high as $112.

In detail, hackers tricked a series of Solana’s smart contracts into signing illicit transactions digitally posing as “guardians,” reported blockchain researcher Kelvin Fichter on Feb. 2, the night after the hack. He wrote:

“The attacker made it look like the guardians had signed off on a 120K deposit into Wormhole on Solana, even though they hadn’t. All the attacker needed to do now was to make their “play” money real by withdrawing it back to Ethereum.”

Wormhole said that it would add Ethereum’s native token Ether (ETH) “over the next hours” to back wETH on the Solana network on a 1:1 basis. However, the project did not clarify the source of the funds that would be used to buy ETH tokens.

Bear flag triggered

The selloff in the Solana market across the last 24 hours came closer to triggering a bearish continuation setup that may send the SOL price down by another 50%.

Dubbed “bear flag,” the pattern emerges when the price consolidates sideways/higher after a strong downside move, called “flagpole.” In a perfect world, the price eventually breaks below the consolidation range and falls by as much as the flagpole’s length.

So far, SOL/USD has been forming the same bear flag pattern, as shown in the chart below.

SOL/USD daily price chart featuring bear flag setup….

Source…

Limit aadhaar: Linking it to everything paints a bull’s eye on India for cyber warfare

  1. Limit aadhaar: Linking it to everything paints a bull’s eye on India for cyber warfare  Times of India (blog)
  2. uidai – personality – India Today Group  personality – India Today Group
  3. UIDAI introduces new two-layer security system to improve Aadhaar privacy  Economic Times
  4. Full coverage

cyber warfare news – read more

Spy trail paints dark picture in Pangang case – South China Morning Post

Spy trail paints dark picture in Pangang case
South China Morning Post
US prosecutors say Pangang Group aimed high. The Chinese state-owned company wanted a better process to make titanium dioxide, a white pigment used in paint, toothpaste and Oreo cookie fillings. So it paid spies to steal it from industry giant DuPont.

Espionage China – read more