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Today’s Cryptocurrency Headline

Avalanche-based social token platform Stars Arena has been exploited for all the funds locked in its smart contract. The size of the exploit was roughly $2.9 million, according to security analysts PeckShield. The amount of value locked in the project’s smart contract has fallen to $0.47, according to DefiLlama.”There has been a major security breach with the smart contract. We’re actively checking the issue. DO NOT deposit any funds,” said Stars Arena on X. The vulnerability was caused by a reentrancy issue, PeckShield said, which allowed attackers to sell tickets for much more than they were worth, up to $2,740 each. The app’s users are still able to withdraw tokens they have in their wallets on the app but will not receive any value if they sell tickets — which represent access to other people’s chat groups — that they own.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The price of BTC can still remain stable, which is related to the long-term investors’ willingness to hold it. However, in comparison, the trend of ETH seems relatively weak as ETH/BTC continues to decline and hits a new low in over a year. This is not good news for the market, especially considering that the performance of ETH has a greater impact on altcoins compared to BTC. It is likely that the market will see a situation where only BTC remains stable with minor gains, while altcoins continue to decline. The support level is at $27,800 and the resistance level is at $28,500.

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