The total value locked (TVL) on the Elastos Smart Chain (ESC) has fallen to $1 million following the multichain exploit on FilDA on April 23.
TVL on the FilDA platform has dropped 95.2% in the last seven days, with decentralized exchanges Glide Finance and Elk’s locked value falling 13.8% and 14.5% respectively in the same period. The Elastos (ELA) price has also dropped 13.1% to $1.25.
FilDA Recovers $220,000 From Recent Exploit
An exploiter stole $700,000 from lending protocol FilDA in the early hours of April 23. The attack affected Bitcoin, BUSD, and Elastos on the ESC Chain.
FilDA confirmed on April 24 that it had recovered 160,000 ELA and 21,000 DAI from the hacker. They are offering the hacker a bounty for returning the remaining funds and have engaged law enforcement.
The team has also temporarily nullified the attack vector by changing a certain smart contract configuration, with plans for permanent changes.
According to its February report, FilDA had 145,574 active addresses.
ELA Breakdown and Breakout Equally Likely
The Elastos price has traded in a symmetrical triangle since the beginning of the year. The symmetrical triangle is considered a neutral pattern, meaning that both a breakout and a breakdown are possible. Currently, the price is trading close to the support line of the pattern. Whether it bounces or breaks down will likely determine the future trend’s direction.
If the ELA price breaks down, a decrease to the $0.81 support area is the most likely scenario. However, if it breaks out, the price could increase to the $2.68 area, a Fib resistance, and the length of the triangle projected to the breakout point.
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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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On Wednesday, June 24th, the Elastos Value Locked Drops suffered a security breach resulting in over $1 million worth of cryptocurrency stolen by hackers. The breach occurred on the FilDA Exchange, which is where Elastos Value Locked Drops tokens are traded.
The security breach has been linked to the theft of Elastos Value Locked Drops tokens from users’ wallets on the FilDA Exchange. In total, 3.2 million Elastos Value Locked Drops tokens were stolen from users, resulting in a loss of over $1 million worth of cryptocurrency.
The FilDA Exchange has since released a statement regarding the security breach. In their official statement, the FilDA Exchange stated that they are taking measures to address the security breach and ensure that user funds are protected. They have also urged all users to enable “two factor authentication” on their accounts as an added measure of security.
Despite the security breach, Elastos Value Locked Drops tokens remain a viable cryptocurrency option. As of Wednesday, June 24th, the token’s price was down to $0.31 per token, representing a substantial drop from its high of around $3.00 per token prior to the security breach.
This security breach serves as a reminder of the importance of having strong security protocols in place to protect user funds. It also serves as a reminder of the risk of investing in cryptocurrency, as there is the potential for sudden losses in value when a security breach occurs.
Overall, the security breach on the FilDA Exchange is a reminder of the need for proper security measures, as well as the risk of investing in cryptocurrency. It also resulted in the loss of over $1 million worth of Elastos Value Locked Drops tokens, leading to a decrease in the token’s valuation.
