It appears that the cryptocurrency exchange FTX may have been exploited, according to DylanLeClair_ who found an address holding $300.3 in combined cryptocurrencies. The funds were first received on November 11th in 35,185 $PAXG transactions and then 158,500 $ETH was added shortly afterward. It is unclear how the exploit occurred or how much was lost in the process. If you believe you may have been affected, please check your account and contact DylanLeClair_ or FTX support for more information.
The hacker then took a 5-hour break before selling $PAXG again. In the past 40 minutes, the hacker has sold 21,000 $PAXG and obtained 23,896 $ETH ($30M), at a selling price of around $1,435. This leaves 12,185 $PAXG ($20.89M) in the wallet.
FTX is currently trading at $1.5, up 7% in the last 24 hours. The FTX/USD pair has a market capitalization of $596.99M and is the 39th largest cryptocurrency. Despite the recent hack, the price of FTX appears to be unaffected as of now and is still trading in the green. It is, however, important to note that the hack is still fresh and more details may come to light that could affect the price of FTX. For now, it appears that the market is shrugging off the news and traders are confident in the platform.
What does technicals suggest about FTX?
The FTX price is currently trading above both the 50-day and 200-day simple moving averages (SMAs), which suggests that the market is in a bullish trend. The short-term RSI is also indicating positive momentum as it is trading above 50.
The MACD histogram is currently in positive territory but is starting to flatten out, which could be an indication that the bulls are losing some momentum. However, as long as the price remains above the $1.25 level, the bulls are still in control of the market.
The Ichimoku Cloud is currently bullish as the price is trading above the cloud. The next level of resistance to watch for is the cloud top at $2.50. A break above this level would confirm a bullish trend and could lead to a move toward $3.00.
Conclusion
Overall, the technicals suggest that FTX is in a bullish trend in the short term, but the bulls are starting to lose some momentum. If the price can hold above support at $1.25, we could see a move back toward the $2.50 level. However, if the bears take control of the market, we could see a retracement down to support at $1.00.
