Because of the bear market in cryptocurrencies in 2022, Bitcoin mining companies have suffered. However, their stocks as a whole had a fast recovery, giving rise to optimism that investors have begun to purchase the dips.
The gains are welcome after a difficult year for mining stock prices. The price of Bitcoin has fallen by almost 60%, and mining has become more challenging, reducing daily profits for miners.
Therefore, short-covering or investors purchasing the dip could be to blame for the abrupt rise seen across Bitcoin mining equities.
When a short position is covered, the borrowed underlying asset is purchased back, either at a profit or a loss. With bulls at risk of being caught during down markets, this often results in frequent rebound moves.
The majority of the funds were given to the hacker who used Crema Finance’s Solana-based liquidity protocol, although he was allowed to keep $1.6 million as a white hat bounty.
Using the hacker’s Discord account and the address’s initial gas source, Crema’s team started an investigation to find the hacker. The team revealed that it had been in negotiations with the hacker just when it appeared they may have discovered the hidden identity.
In a series of transactions on the Ethereum and Solana networks, the hacker repaid the money. On each network, the first transaction was a test that involved a small number of coins, whereas the subsequent transaction involved the majority of the money transmitting.
Although the finances have been acquired, users of Crema and the team may now rest easy knowing that there is still work to be done. Before the purchase was finalised, the team disclosed on Tuesday that it had submitted a fresh code for auditing to make sure the same issue did not occur again. The hacker then created fake pricing information to appear as though they were entitled to a far larger prize than they actually were.
In order to increase liquidity to a Crema pool, the attacker obtained a flash loan through the Solend decentralised finance (DeFi) lending protocol.
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