- Gnosis Pay faced a major security breach after hackers exploited a vulnerability in its smart contract Delay Module.
- Triangle formations drive medium to long-term lateral trends in Gnosis coins.
- Gnosis co-founder Martin Koppelmann expressed confidence in the extent of the damage and promised to fully compensate affected users.
Someone DeFi applications it appeared again on Monday, 1st June, looking at the late phase of the Zodiac for the payment of gnosis. The exact amount of the spill or financial loss was not disclosed, but Gnosis co-founder and CEO Martin Koppelmann said Gnosis will fully compensate those affected. Following the security breach, Gnosis Pay’s native token — Gnosis (GNO) — is down nearly 7% year-to-date to trade at $107.25.
Gnosis Pay Is Used If Attackers Bypass Smart Contract Security
Gnosis Pay, a payment system built directly on the Gnosis Chain, suffered a major security breach on Monday. Terrorists took advantage of the vulnerability in its “Delay Module” intelligence system, which enabled public emergency alerts to protect their assets.
Martin Köppelmann issued an urgent warning to users, including a call to release all remaining assets, including EURe and GNO tokens. Blockchain security company PeckShield they confirmed the continued use and also confirmed the need for users to see how their wallet looks in the near future.
However, in the following tweet, Köppelmann said that “Many users can’t do it, but we’re doing our best to minimize the damage.” That said, he also assured the affected users that “We believe we can have more information, and in any case, we will make sure that all users can get it.”
Technical use directly interferes with the internal structure of Gnosis Pay, especially the implementation of the Delay Module. This section is designed to support the concept of self-control, in addition to traditional spending, and implements a three-minute delay for non-card users to avoid double spending if money flows through the Visa payment network. Criminals have gone through the sector’s main route to extort money.
This event follows a whirlwind week for the Gnosis Safe ecosystem. A separate attack in the malicious external “SquidRouterModule” took about $3.2 million from 86 Gnosis Safe wallets on both. Ethereum and Base networks six days ago.
Previous hacks were based on third-party code, while this attack is directly on Gnosis Pay’s functionality. The team is working hard to block the bug.
Following the transaction, GNO saw significant volatility as its price rose to $132.1, before returning to its trading price of $107.4, registering a daily loss of 7%. As a result, the market capitalization has dropped to $287.4 million, and aggressive sales have increased its 24-hour sales by 1043% to $18.8M.
The Impermanence of the Tree of Gnosis Is within this Triangle
Since last month, Gnosis GNO– 5.92% The coin has experienced great volatility in its price, with the stock rising to $197.43 in early May, and now falling to the $107 area. A closer look at the daily chart shows this pullback as part of a larger consolidation led by a symmetrical triangle pattern.
This type of setup follows a two-step process of changing the resistance and support of the traders until the price is high enough to give a definite risk. With the current bullish momentum, GNO price is about to decline again by about 12% and retest the triangle support at $96.59.
Overall, this support has bolstered buyers with a strong cushion to recover prices for a strong recovery. If true, the price of the currency could return to the next resistance levels at $113, $137, and $160.
However, the gradual decline in the 100-day and 200-day moving averages indicates the spread of sentiment among market participants. Therefore, the price of Gnosis also has the risk of bearish damage, which can lead to its recovery to $ 92, followed by $ 76.
