Markets

Elastos TVL drops sharply after exploiting $700,000

The total value locked (TVL) on the Elastos Smart Chain (ESC) dropped to $1 million after a multi-chain exploit at FilDA on April 23.

The value of TVL on the FilDA platform has fallen by 95.2% in the past seven days, with decentralized exchange Glide Finance and closed Elk declining by 13.8% and 14.5% respectively in the same period. Elastos (ELA) also fell by 13.1% to $1.25.

FilDA is recovering $220,000 from one of its recent exploits

A scammer stole $700,000 from the FilDA lending protocol in the early hours of April 23rd. The attack on Bitcoin, BUSD and Elastos affected the ESC chain.

TVL on the ESC series | source: devilama

FilDA confirmed on April 24 that it had recovered 160,000 ELA and 21,000 DAI from the hacker. They are offering the hacker a reward for returning the remaining funds and have involved law enforcement.

The team also temporarily invalidated Attack vector by changing the configuration of a specific smart contract, with plans to make permanent changes.

According to its February report, Felda had 145,574 active addresses.

ELA breakdown and penetration are equally likely

Elastos price has been trading in a symmetrical triangle since the beginning of the year. The symmetrical triangle is a neutral pattern, which means that both a breakout and breakdown are possible. Currently, the price is trading near the support line of the pattern. Whether it rebounds or breaks down is likely to determine the direction of the future trend.

Elastos price, ELA/USD
ELA/USD daily trading chart | source: TradingView

If the ELA price collapses, the most likely scenario is a decline to the $0.81 support area. However, if it is broken, the price could rise to the $2.68 area, the Fibonacci resistance, and the expected length of the triangle at the breakout point.

For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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