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Bridged Polkadot Reportedly Hit by Exploit as Attacker Mints 1 Billion DOT Tokens

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Bridged Polkadot Reportedly Hit by Exploit as Attacker Mints 1 Billion DOT Tokens

Polkadot’s (DOT) bridged token on Ethereum has reportedly fallen victim to an exploit. According to reports, an attacker minted 1 billion bridged DOT.

Onchain tracker Lookonchain noted that after this, the attacker dumped the entire supply in a single transaction, netting 108.2 ETH (approximately $237,000).

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Blockchain security firm CertiK flagged the exploit targeting the Hyperbridge gateway contract. An attacker used a forged message to gain unauthorized control. According to the firm, the attacker was able to manipulate the admin role of a Polkadot token contract on Ethereum, enabling the minting of 1 billion tokens.

The attack did not compromise Polkadot’s native relay chain or the DOT token on Polkadot itself. It targeted only the bridged, or wrapped, representation of DOT.

The incident raises fresh concerns about crypto security. Neither Polkadot nor Hyperbridge had issued an official response at the time of writing. This is a developing story, and further details will be updated as more information becomes available.

The post Bridged Polkadot Reportedly Hit by Exploit as Attacker Mints 1 Billion DOT Tokens appeared first on BeInCrypto.

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Crypto World

Bitcoin Consolidates At $74,000 As Stocks Continue Exuberant Rebound

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Bitcoin Consolidates At $74,000 As Stocks Continue Exuberant Rebound

Bitcoin (BTC) circled $74,000 at Wednesday’s Wall Street open as US stocks edged higher on news that the US and Iran may be open to another round of ceasefire negotiations.

Key points:

  • Bitcoin consolidates as analysts warn that stocks may be too optimistic over geopolitical relief.

  • The S&P 500 approaches new all-time highs despite questions over Iran’s uranium enrichment.

  • Bitcoin traders note missing components to support a true trend change.

Iran conflict lacks “genuine resolution”

Data from TradingView showed declining BTC price volatility after a trip to two-month highs the day prior.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Stocks continued a recovery on the day as US President Donald Trump said that China had opted not to send weapons to Iran.

“China is very happy that I am permanently opening the Strait of Hormuz. I am doing it for them, also – And the World,” he wrote in a post on Truth Social. 

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“This situation will never happen again. They have agreed not to send weapons to Iran.”

Source: Truth Social

President Trump referenced the ongoing blockade of the Strait of Hormuz, a key global oil gateway, as WTI crude dropped below $90 to a new April low on the day.

Commenting, trading company QCP Capital was cautious about discounting the ongoing impact of the US-Iran war.

“Equities recovered, oil sold off, and crypto caught a bid. But the more important signal was what failed to confirm the move,” it wrote in its latest “Market Color” update. 

“Long-end yields barely budged, gold held its levels, and the bond market, which should be front-running an inflation relief trade more aggressively, did not follow through. When oil drops and the 10-year barely twitches, rates are telling you this is a reduction in headline risk, not a genuine resolution.”

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView

QCP pointed to Iran’s uranium enrichment as a sticking point in the process of diffusing geopolitical tensions.

“The reason is enrichment. Iran is at 60% enriched uranium, while the US wants levels below 20%. That gap does not close with a framework headline. It closes with a concession Tehran has not signalled it is prepared to make,” it continued. 

“Previous ceasefires have lasted weeks, while the enrichment issue has remained unresolved since 2015. Markets are trading the former, but the latter still sits at the core of the risk.”

S&P 500 one-day chart. Source: Cointelegraph/TradingView

On Monday, the S&P 500 reclaimed its yearly open level, going on to hit local highs of 6,988 on the day, coming within 15 points of new all-time highs.

BTC price “decision time” due

Bitcoin traders preserved earlier skepticism over market strength.

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Related: Oil price surges 8% on Iran tensions: Five things to know in Bitcoin this week

Trader Jelle described the latest trip to $76,000 as an “equal high” that “barely went above” February’s peak.

“Bias remains down, but doubt shorts get a free ride from here,” he added in another of his latest posts on X.

Daan Crypto Trades, meanwhile, predicted that BTC/USD would soon face “decision time.”

“Price tapped the $76K high from March and is consolidating in this area currently. Low timeframe grind higher since the start of April which has been making some marginally higher highs and lows,” he summarized to X followers.

BTC/USD four-hour chart. Source: Daan Crypto Trades/X

QCP also noted price action “grinding higher,” while warning that options markets were “not confirming a clean breakout.”

“The broader regime has not changed. The Fed is still boxed in, sitting near zero net cuts for the year after the oil shock repriced the easing path, while liquidity conditions remain tight,” it concluded. 

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“This is a geopolitical relief rally, not a macro regime shift. Last week’s trade was to fade the blockade. This week’s question is whether investors should fade the relief.”