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Yet Another Cryptocurrency Platform Falls Victim to Hacking: Impact on Altcoin Price
Another cryptocurrency platform has revealed that it recently experienced a security breach, resulting in the compromise of one specific altcoin.
Author:
Mete Demiralp
23.06.2024 – 09:47
Update:
6 seconds ago
0
CoinStats, a widely used cryptocurrency portfolio tracking application, has disclosed a security breach that affected wallets created through the app. Additionally, some iOS users received fraudulent notifications.
According to the company, approximately 1.3% of CoinStats wallets, totaling 1,590 wallets, were impacted. As a precautionary measure, users are advised to transfer funds using their exported private keys immediately.
The hacking incident led to the seizure of a wallet belonging to Blurr.eth. The hacker managed to steal 3,657 MKR, valued at $8.7 million, and subsequently sold it on-chain for 2,482 ETH.
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This theft had a significant impact on the market, causing the MKR altcoin price to plummet from $2,462 to $2,280, resulting in a 7% decline in the short term.
The Daily CoinMarketCap chart illustrates the decline and partial recovery in MKR price.
While the MKR price did experience a partial recovery after the sudden drop, it failed to reach its pre-hacking level. At the time of writing, the MKR price is trading at $2,390.
*This is not investment advice.
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