Breaking: Justin Sun addresses malicious attack on the TRON network

Justin Sun, CEO of the decentralized smart contract building platform TRON, has addressed a malicious attack on the network that took place during a software upgrade on November 2. According to Sun, the network was undergoing a routine upgrade on version 4.1 of the mainnet but "was attacked by a malicious contract on 20.11.02 at 06:14 (HKT)."

Apparently, the attack utilizes the authority given to the contract by the developer. Therefore, the people behind the attack "initiated malicious transactions and caused the super representative to suspend the production of blocks."

Sun claimed that the malicious attack on TRON was motivated by greed. The attackers hoped to take advantage of "the busiest blockchain network in the industry to get profit from the suspension of block production." However, the development team at TRON responded quickly and singled out the issue, which was fixed immediately.

At the moment, the team is working with the network's super representative (SR) to ensure that upgrades occur seamlessly. Besides, block production gradually resumed on the mainnet and within a few hours. Sun assured the users of TRON that all blockchain data is intact while their assets are safe.

TRON price on the verge of a breakout

TRX is heading into a period of high volatility, according to the Bollinger bands' constriction on the daily chart. Since this technical indicator fails to provide a clear path for the direction of the trend, the area between the lower and upper band can be considered a reasonable no-trade zone.

Only a daily candlestick close above or below this price range will determine where TRX is headed next. 

TRX/USD daily chart

A spike in the selling pressure behind TRON that pushes it below the $0.0249 support level could see it drop towards the 200-day moving average, around $0.021.

Conversely, if buy orders begin to pile up, this cryptocurrency may have the strength to turn the $0.0276 resistance into support. Moving past this hurdle may see TRX price rise towards $0.031.