March 27, 2024 Grandpa clocked in
A hacking incident broke out on Blast today. A pledge-based chain game munchables was hacked, and more than 17,000 ETH pledged by users were stolen, with a total value of 60 million U. It is said that the reason for being hacked is also quite outrageous, because the developer of the project is a North Korean hacker. After obtaining the ownership of the contract, he upgraded it to a malicious contract and withdrew all the funds. What is even more incomprehensible is that another DeFi project, Juice, has a pool of funds placed in Munchables, about 7,277 ETH. Since both projects are big bang projects, many people are affected.
We often say that we only see thieves eating meat but not getting beaten. This time it is a typical example of a thief being beaten. Those studios with hundreds of thousands or even millions of dollars will be in trouble if they happen to pledge munchables. Of course, some stolen projects can also be recovered. It depends on luck. Even if the security on the chain is not as good as that of a centralized trading platform, I still recommend playing some projects strategically. You can isolate operations on multiple chains and multiple wallets to avoid putting too much money in a single project. You may indeed encounter some pitfalls, but you can do it. A good overall return will cover the loss.
In terms of market conditions, the market has not yet been able to hold its position at 70,000, and the market is not particularly strong, so I have already sold out the swing positions that I had previously bought at the bottom. In fact, from the daily perspective, this position is near the historical high of the market. Although it broke through to 73,000 last time, it is not easy to break through directly based on this trend. In the short term, it will still step back slightly and the market will fluctuate. Of course, the amplitude of this retracement may not be large and it is difficult to grasp. Those who are not used to doing swings may not watch it.
As for the general direction that everyone is more concerned about, judging from the K-line structure, it does feel like a double top is forming, and ETF funds are also flowing out, so we need to be vigilant. Another reason why this position is trading sideways is that the U.S. stock market is also at a high level, neither going up nor down. The market is waiting for a new direction, so naturally we can stand still. In fact, when the market has reached this point, since the bull market trend is still there, there is nothing to worry about in the short term. At least if it is not profitable now, then there is a high probability that it will not be considered if it rises again. Now learn to take profits and defend, and bear market lows It is a principle to develop the habit of bargain hunting.
Thanks for following and liking.
