There may be reportedly a software program bug within the good contract code for the Concord cross-chain bridge. The exploit precipitated virtually 150 million ONE tokens ($2.2 million) to be wrongly despatched to 79 consumer addresses.
One of many recipients, Aaron Li, alerted the Concord crew on December 7, 2023, and bought 16.4 million ONE tokens ($260,000). The Concord crew engineer Gardiner accused Li of withholding and delaying his disclosure of data.
How ONE Token Bug Provides to Concord Hacks
The crew plans to burn the wrongly minted tokens to keep away from affecting the asset’s provide. The crew has not but introduced a possible treatment date.
Crypto customers use bridges to maneuver tokens between blockchains. They lock their unique belongings in a wise contract. The good contract then mints the equivalent value of these tokens in a method a brand new blockchain can perceive.
Bridges have been susceptible to hacks, with a earlier Concord hack dropping over $100 million customers. Well-known North Korean hacking group Lazarus was discovered to be behind the $100 million hack in 2022. Sky Mavis’ Ronin bridge was exploited for $over $600 million in 2022.
Ronin hackers used faux job presents to get an worker of Sky Mavis to click on on a doc. The press compromised their laptop and infiltrated 9 nodes to validate transactions.
Crypto sleuth ZachXBT revealed that funds from the hack went to several exchanges this previous weekend. Funds have been moved from TornadoCash to a number of crypto exchanges.
“North Korea’s Lazarus Group had a really busy weekend shifting $63.5m (~41,000 ETH) from the Concord bridge hack by Railgun earlier than consolidating funds and depositing on three completely different exchanges…Appears Binance and Huobi froze a portion of the funds. “
Evaluation Reveals Bullish Prospects for ONE Value
The value of the ONE token is at present $0.01602929. It’s up 0.7% within the final 24 hours.
ONE has fallen below a descending resistance development line since August 2022. Throughout this time, the value has made quite a few failed breakout makes an attempt (crimson icons). The newest occurred within the ultimate week of 2023.
Learn extra: The place to Purchase Concord ONE (Step-by-Step Information Included)
This precipitated a major rejection, making a bearish candlestick and returning the value to the $0.015 horizontal help space.
Nonetheless, development strains get weaker every time they’re touched. So, an eventual breakout from the development line stays the most definitely state of affairs. If that occurs, ONE can attain the subsequent resistance at $0.027, 70% above the present value.
Regardless of this bullish ONE value prediction, an in depth beneath $0.016 will invalidate the potential breakout. Then, ONE can fall 40% to the closest help at $0.010.
Learn extra: Concord (ONE) Value Prediction for 2024
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