Tweeting on Monday, Lossless identified white hat security expert Pascal Caversaccio as being pivotal to the successful recovery of the siphoned funds.
As previously reported by Cointelegraph, DeFi lending protocol, Cream Finance suffered a flash loan attack to the tune of $19 million in ETH and Amp tokens back in August. Following the exploit, Cream stated that it would repay the siphoned funds via fees collected on the protocol to compensate affected users.
Detailing the asset retrieval process, Lossless stated that it used its extensive connections within the world of hackers to enable the return of the funds taken during the flash loan attack.
Commenting on the recovery process, Dominykas A. van Otterlo, chief business development officer at Lossless told Cointelegraph:
“We managed to track down the hacker manually and retrieve the stolen funds for CREAM Finance. You could say it was sort of cyber detective work, not an easy task. Thanks to Pascal Caversaccio, one of our white hat hackers, who helped us to track down the hacker.”
Lossless also stated that the project is looking to launch a hack mitigation tool that will allow protocol developers to adopt a “hands-on” approach to preventing such malicious exploits of their platform.
Part of this mitigation will reportedly include a 24-hour freeze on suspicious transactions to allow time for robust investigations.
According to van Otterlo, Lossless is leveraging the project’s knowledge-base acquired while manually tracking down hackers. Lossless plans to offer security support for DeFi projects across the Ethereum, Polygon, and Binance Smart Chain networks, and deployment on layer-two protocols.
According to a Cream Finance statement from Oct. 1, Lossless and Caversaccio earned the 50% bug bounty from the successful fund recovery. “This is our first recovery of such scale,” Lossless tweeted in response to Cream Finance’s announcement.
DeFi platforms continue to fall victim to hackers and opportunistic profiteers who take advantage of vulnerabilities in smart contract codes to siphon funds from these projects.
Indeed, in August, Poly Network suffered a massive $610 million hack across multiple networks. The entity responsible eventually returned the stolen funds but the incident offered a pointer to the security loopholes prevalent in the DeFi space.
DeFi projects continue to offer bug bounties to white hat hackers to discover vulnerabilities that escaped the code auditing process. In September, white hat programmer Alexander Schlindwein reportedly received $1.05 million in bug bounty payments from Belt Finance.
The Graph price analysis: Bulls prepare to hit their next target beyond $0.77
- Price has rejoined the $0.76 level today.
- The Graph price analysis predicts an uptrend.
- Support level is found at $0.624 for now.
The green candlesticks have returned to the price chart as a rise in bullish momentum has been detected as per The Graph price analysis. The situation is getting favorable for the buyers as the price has been travelling safely since the past few days. The upward movement in price has resulted in it climbing above $0.76 in the last 24-hours. The bulls are dominating in the market today and the upward trend has been following regularly.
GRT/USD 1-day price chart: Price resettles above $0.76 position after winning victory
The 1-day price chart for The Graph price analysis shows chances are increasing for the buyers to secure their permanent lead as the price has been floating above $0.765. In the past few days, a remarkable level of recovery has been reported as the price has increased sufficiently. The gains have been considerable and the chances of an upcoming upswing are coming back. The price has moved higher than the moving average (MA) level as well which is settling at $0.711 for now.
The price underwent noticeable fall during the past few weeks but now the bulls are getting back on track. The Bollinger band indicator in the candlestick chart is dictating the following values; the upper value is $0.776 whereas the lower value is $0.624. The Relative Strength Index (RSI) score has reached 54.60 as the graph shows an ascending curve.
The Graph price analysis: Recent upset risks price stooping below $0.76
The ongoing uptrend has undergone reversal as a downturn in price has been reported in the last four hours. The bears have made a strong comeback in the past few hours and have been able to degrade the coin value to a great extent. The cryptocurrency has been devalued to $0.765 after the trends underwent a major shift recently. The four hours price chart is also pointing out that the moving average for GRT/USD is currently at $0.735.
A crossover between SMA 20 and SMA 50 occurred previously but now the bullish trend has been overturned. The volatility has increased in the last four hours as now the upper Bollinger band is at $0.774 and the lower Bollinger band is at $0.641. The RSI score has gone down to 61.98 as a result of the sudden downfall in price.
The general trend that has been observed during the past few days has been on the bullish side, as it can be further confirmed from the technical indicators chart. There are 12 indicators occupying the buying position, 10 indicators are on the neutral position and four indicators are on the selling position.
The moving averages indicator is showing favorable results for the buyers as well with a buying signal. There are 10 indicators currently present on the buying position, four indicators on the selling position and one indicator on the neutral position. The Oscillators are going bullish with two oscillators on the buying position, nine on the neutral position and zero oscillators on the selling position.
The Graph price analysis conclusion
The price is going high according to the one day and four hours The Graph price analysis. The bullish momentum has been rising since the past few days, which has greatly benefited the buyers. The recovery in bullish momentum has resulted in the price rejoining the $0.765 level today. A sudden drop in price happened in the last four hours which means that the coming hours might prove slightly unfavorable for the cryptocurrency.
Polkadot price analysis: DOT stable at $40, expected to move higher
- Polkadot price analysis shows mixed market sentiment.
- Resistance is found at $41.6.
- Support for DOT/USD is present at $35.
The Polkadot price analysis shows DOT/USD is in a stable position at the current price level of $40.7. The crypto pair is receiving mixed market sentiment today as the price movement is minimal. The last candlestick continuously blinks as green or sometimes red, indicating the price oscillation around the current level. On 13th October, a steep spike in price was observed, which took the DOT price from $35 to $ 41.6, from where the DOT/USD got rejected the next day as selling pressure came in. However, the spike helped the coin to swing as high as recording a four-month high, and still, the price is on the higher side above $40.
DOT/USD 1-day price chart: Bulls and bears fighting for market dominance
The 1-day price chart for Polkadot price analysis shows bulls are trying to maintain the price above $40, but bears are giving them a tough time as selling pressure is quite high, often overruling the bullish efforts. Dot/USD pair is trading hands at $40.7 at the time of writing but has lost a value of 3.8 percent over the last 24 hours, as bears have been degrading the price for the last few hours, but the coin has gained more than 19 percent value over the past week. The trading volume is down by more than 47 percent, resulting in the market dominance of 1.6 percent for the 8th ranked cryptocurrency.
The volatility started increasing on 12 October and has increased significantly since then as the Bollinger bands now show steep divergence, with the upper band at the $41.5 mark representing the resistance for the price and the lower band at the $24.4 mark.
The relative strength index (RSI) has taken a turn and is moving on a straight line after the price hit $41. The RSI indicates competition between the buyers and sellers to dominate the price function, which is dangling between both sides at the time of writing.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis is also indicating the same market behavior as can be seen the price went up during the first 4 hours of today’s session but then decreased in the preceding hours, but the price fluctuation is comparatively small despite the high volatility on the 4-hour chart.
The Bollinger bands show an upwards breakout with the upper band at the $44.9 mark and the lower band at the $31 mark, making an average at the $37.9 mark, which now represents the support for DOT/USD. The RSI is at index 64 near the overbought limit but in the neutral zone.
Overall most of the technical indications are in favor of buying DOT/USD assets as 14 technical indicators show buying signs, and only four technical indicators show selling signs, whereas eight technical indicators stand neutral out of a total of 26 technical indicators.
Polkadot price analysis conclusion
The Polkadot price analysis suggests the price can go in any direction depending on the increase in either side’s activity, but chances are for DOT/USD to correct some more as the price is on the decline from yesterday. If the support remains persistent, traders can expect the DOT to float above $40 for the coming hours, but if support falters, DOT/USD will retrace to the $36 range. however, the price can be expected to go towards new discoveries in the coming days.
Bitcoin Price Hits $60K ! Cardano, Ethereum and Polkadot To Follow The Rally !
Bitcoin Price hit the much-awaited $60,000 level for the first time since Apr.18 at 5:19 a.m. UTC on the popular exchange Bitstamp.
Major cryptocurrencies are trading in the green today as Bitcoin and altcoins are both in action. Most tokens have recouped their weekly losses. BTC is above $59K, ETH is above $3,800 up 5.3% in the last 24 hours. XRP is set to test resistance at $1.15. However, ADA is slipping gains.
As Bitcoin (BTC) approaches its next resistance level, a well-known crypto strategist and trader predicts three altcoins to heat up.
Capo, a pseudonymous crypto researcher, assures his 177,400 Twitter followers that Bitcoin will shortly reach $60,000 before breaking through $100,000 in the months ahead.
In terms of the altcoin market, Capo has shared a chart showing Bitcoin’s dominance of the global crypto market cap is hitting a historic resistance level. A bit of a shift, according to the trader, is on the horizon.
ADA, ETH & DOT Bullish!
Capo believes Polkadot (DOT), Cardano (ADA), and Ethereum (ETH) have the most potential profits as the altcoin market heats up.
DOT/BTC mega bullish
ADA/BTC very bullish
If you want to be bullish on BTC.D here, it's up to you.
I'm all-in altcoins.— il Capo Of $NOIA (@CryptoCapo_) October 13, 2021
DOT, a cross-chain interoperability standard, is currently trading at $41.14, up 24.9 percent in the last week. ADA, a scalable decentralized platform, is trading at $2.18, almost unchanged from a week ago. According to CoinGecko, the open-source smart contract blockchain ETH has increased by 6.2 percent since last Thursday and is now worth $3836.
Capo goes on to describe why he thinks a new altcoin season is on the way in a lengthy post.
He says, Bitcoin is now confirming the bullish situation, and targets of $100k and higher are expected to be reached in the next months. This would create the ideal environment for people to feel at ease and begin speculating on altcoins.
He points out that on the BTC dominance chart (BTC.D) a massive concealed bearish divergence is visible, and the green support is weakening. The alt season could end there, in my opinion, at the 2018 lows.
Overall, I'm still reminding you all, coming 6-9 months will be epic on many levels.
Prices and rallies we've never seen before on #altcoins and crypto. Epic.— Michaël van de Poppe (@CryptoMichNL) October 14, 2021
Van De Poppe has also made a bullish prediction for the crypto market as he says, the next 6 to 9 months is going to be monumental for many levels. Never seen before price rallies are on the way for the market he added.