Attackers Access Avalanche, Official ZkSync Discord, Here’s What To Expect From AVAX, ZK Price

VaselineAugust 26, 2024

0 3 minutes read

Attackers Access Avalanche, Official ZkSync Discord, Here’s What To Expect From AVAX, ZK Price

Avalanche announces that the official Discord has been re-secured after a recent incident where admin ZkSync lost channel access to an attacker.
AVAX and ZK teams informed users about the attack and started an investigation based on official updates.
AVAX is steady at $27, ZK erased 1.62% of its value on Monday to $0.1279.

Crypto projects’ official Discord channels have suffered security breaches over the past week. Polygon’s Chief Information Security Officer, Mudit Gupta, asked users to refrain from clicking on any links on the official Discord channel on August 24.

The largest Ethereum scaling solution has confirmed the security breach and regained control of the channel on the Discord communication platform.

A similar incident hit the Avalanche and ZkSync communities.

Avalanche, ZkSync Discord under attack, teams investigate and re-secure communication

Discord is a popular communication channel among crypto communities. There has been an increase in security breaches on this channel, with Polygon, Avalanche and ZkSync all experiencing scares on their official channels within a week.

Discord Avax seems supported… chat disabled on all channels and an announcement about “claiming Avax from the foundation”

My advice?

… don’t click on anything in that discord for a while… pic.twitter.com/x9MLy4vPeX

— Stog Chog (@stogchog) August 25, 2024

Twelve hours ago, Avalanche issued a security alert to users of its Discord channel, informing them that the communication platform for AVAX users had been compromised and re-secured it within two hours. An official update has been posted on X:

The ZkSync team faced a similar incident through chat and screenshots shared by several users. The Layer 2 Project has not shared official comments about X, however they did note the incident on Discord.

The incident on Avalanche and ZkSync happened less than 48 hours after the Polygon incident, the attackers shared malicious links in airdrop or token distribution messages.

AVAX holds steady, ZK declines

Avalanche is in a downtrend from its March 18 peak of $65.39. The DeFi token could extend gains by another 8.73% and rise towards the key resistance at $29.52. This level acted as support for AVAZ throughout 2024 as seen on the daily AVAX/USDT chart.

The Moving Average Convergence Divergence (MACD) indicator is flashing green histogram bars above the neutral line, signaling that there is underlying positive momentum in the AVAX price trend.

AVAX

AVAX/USDT Daily Chart

ZK is trading at $0.1279 at the time of writing, erasing 1.62% of its value on the day.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 26, 2024

0 3 minutes read