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Yet Another Cryptocurrency Platform Falls Victim to Hacking: Impact on Altcoin’s Value
Yet Another Cryptocurrency Platform Falls Victim to Hacking: Impact on Altcoin’s Value
Yet another cryptocurrency platform has informed its users of a security breach, resulting in the impact on the value of an altcoin.
Author:
Mete Demiralp
23.06.2024 – 09:47
Update:
6 seconds ago
0
CoinStats, a widely-used cryptocurrency portfolio tracking app, has disclosed a security breach that has affected wallets created directly within the app. Some iOS users also reported receiving fraudulent notifications.
According to the company, approximately 1.3% of CoinStats wallets, totaling 1,590, were impacted by the breach. Users have been advised to transfer funds using their exported private keys as a precautionary measure.
One wallet, owned by Blurr.eth, was targeted in the hacking incident. The hacker was able to steal 3,657 MKR, valued at $8.7 million, and subsequently sold it for 2,482 ETH.
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This theft had a significant impact on the market, causing the MKR altcoin price to drop 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.
Despite a partial recovery, the MKR price has not been able 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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