Cryptocurrency Market News: Several cryptocurrency projects launch a 1:1 swap after KuCoin hack

Here is what you need to know on Tuesday 29, September 

BTC/USD is trading at $10,870 while bulls are trying to confirm a daily uptrend. The next resistance level is established at $11,200 and it’s the most vital point in the short-term.

ETH/USD continues eying up $400 but remains weaker than Bitcoin overall. The smart contracts giant is currently trading at $362.

XRP/USD is trading at $0.24 and struggling to climb above the 26-EMA at $0.246. XRP bears are looking for a lower high compared to $0.258 into a continuation of the downtrend.

Chart of the day: KCS/USD daily chart

Market

KuCoin, one of the leading cryptocurrency exchanges suffered a massive hack. The attackers managed to steal around $200 million in crypto, however, the market did not react negatively to the news. 

Although the hacker managed to withdraw several ERC-20 tokens, the address is already traced by almost every exchange and platform. Tether, for instance, managed to freeze $33 million which will re-issue to KuCoin. Additionally, Orion Protocol, which suffered a huge loss of around 4 million tokens with only 9 million in circulation, issued a 1:1 swap with another contract, essentially rendering the coins of the hacker useless.

Aleph, another cryptocurrency project affected by the hack did the same. Kardiachain also joined the trend. The hacker is now trying to sell most of its remaining tokens on Uniswap, however, this doesn’t really mean the funds are laundered as it is a decentralized exchange and everyone can still trace all the transactions.   

The native token of Kucoin, Kucoin Shares (KCS) dropped from $1.05 to $0.84, a mild dip considering the magnitude of the hack.

Industry

Bitfinex, one of the largest cryptocurrency exchanges by assets held is planning to expand beyond cryptocurrencies launching equity derivatives that will settle in Tether. The new derivatives are called Europe 50 and Germany 30, and they are perpetual swaps. They will both offer up to 100x leverage and will settle in USDT. 

Quote of the day

Right now Bitcoin feels like the Internet before the browser.

– Wences Casares