A decentralized finance (DeFI) protocol has been hacked to the tune of millions of dollars over the Ethereum (ETH) and Arbitrum (ARB) blockchains.

In a new announcement, cybersecurity firm Cyvers says that DeFi platform Hedgey Finance has been breached by bad actors who took at least $1.9 million worth of funds that were converted to the stablecoin Dai (DAI).

“Hedgey Finance has experienced a security breach with their Hedgey Token Claim Contract! Total loss is around $1.9 million. Attacker is funded by ChangeNOW_io. All stolen funds are swapped to DAI and transferred to an [external address].”

According to Hedgey Finance, users should be canceling active claims related to the Hedgey Token Claim Contract, which allows users to create token claims for recipients while having greater control over when claimed tokens are unlocked.

“Security Alert: We’re investigating an attack on the Hedgey Token Claim Contract. If you have created active claims, please cancel them using the ‘End Token Claim’ button. We are actively working with our auditors and team to understand the attack and stop any ongoing attack. We will share more information as we learn more.”

However, citing a since-deleted X post from Cyvers, on-chain analyst Colin Wu says that Hedgey suffered a significantly larger loss totaling over $44 million.

“According to Cyvers Alerts, the on-chain token infrastructure protocol Hedgey suffered an attack on the Arbitrum and lost about $42.8 million, and suffered the same attack on the Ethereum and lost about $1.9 million.

Hedgey’s official Twitter account issued a security alert, saying that it is investigating the attack on the contract.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A widely followed crypto strategist is remaining bullish on one gaming altcoin this market cycle.

Pseudonymous analyst Altcoin Sherpa tells his 214,300 followers on the social media platform X that Beam (BEAM) seems to have a lot more upside potential.

“BEAM: one of my bags. It’s just chilling the last several weeks. Still hugely bullish on this coin and it’s still an indexed bet on crypto gaming for this cycle. Going to just keep hodling, not a trade.”

Looking at the trader’s chart, he suggests Beam could rally to the key upside levels of $0.036 and $0.040.

Beam is trading for $0.031 at time of writing, up slightly in the last 24 hours.

Next up, the analyst says that Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) may decline more than 15% from the current value.

“ARB: nasty price moves. I think this one looks like it’s going to head to $1.20 or lower. I would like to see it consolidate and chill for a bit before forming a bottom. But the 200-day exponential moving average (EMA) getting lost is not great and this might near retrace the entire move.”

Arbitrum is trading for $1.42 at time of writing, down more than 2% in the last 24 hours.

Lastly, the analyst says Render (RNDR), a project related to Graphics Processing Units (GPUs), could decline nearly 17% from the current value based on Fibonacci retracement levels.

“RNDR: you can now fib out the entire range and wait for the .382 and .50 fibs. Strong coins like RNDR probably bounce a bit lower, aiming for the $7.50 level. Still bullish on this one though for 2024.”

Render is trading for $9.03 at time of writing, down more than 1% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A top trader who accurately called Bitcoin’s (BTC) floor price during the 2018 bear market says one Ethereum (ETH) challenger looks extremely bullish.

Pseudonymous analyst Bluntz tells his 251,100 followers on the social media platform X that he expects the native asset of the layer-1 protocol Near (NEAR) to rally to a level last seen in May 2022.

According to the analyst, NEAR appears to be in the midst of a five-wave surge that could see the altcoin soaring close to $10 in a matter of days.

“NEAR looks turbo bullish here IMO (in my opinion), clear ABC down from the highs, spent all weekend accumulating and now breaking out.

Should be one of the first to make new highs IMO.” 

Bluntz uses the Elliott Wave theory to predict the future price action of crypto assets. According to the theory, a bullish asset tends to witness a five-wave rally after completing an ABC corrective move.

At time of writing, NEAR is worth $7.60, an increase of over 3% in the past day.

The trader is also keeping a close watch on the Ethereum scaling solution Arbitrum (ARB). Bluntz says ARB is flashing multiple bullish reversal signals on the daily chart.

“ARB not only looks like a nice clear as day ABC down but there’s also a daily bullish divergence now on that daily close print.

ETH beta about to get some love again IMO.” 

Traders often watch out for assets that give off a bullish divergence reading. It suggests that a bullish reversal is in sight as the asset gains momentum despite the price trending down or sideways.

At time of writing, ARB is worth $1.70.

Bluntz says he’s also expecting rallies for the Solana (SOL)-based meme token Slerf (SLERF).

“Initial hype and first pullback on SLEF looks over. Took a punt now it’s cooled off.” 

At time of writing, SLERF is worth $0.767, up over 17% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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