Cardano CEO Praises Network’s Integrity Amid MonoX Hack
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Cardano (ADA) CEO Charles Hoskinson has commented on the recent hacking around the DeFi platform MonoX Finance, using it as an avenue to boast about Cardano’s self-acclaimed superiority over Ethereum and other Smart Contract blockchains.
On Wednesday, MonoX became the latest victim of a hack that saw the perpetrator make away with $31 million worth of tokens. The DeFi platform reported that the hackers took advantage of a bug on the software responsible for drafting Smart Contracts to use the same token for input and out transactions.
The hackers used MonoX’s native token, MONO, as both TokenIn and TokenOut, instead of a different token for each transaction. This allowed the hackers to inflate the price of the withdrawal token and exchange it for other tokens on the Ethereum and Polygon networks.
Tokens stolen include $18.2 million worth of Wrapped Ethereum, $10.5 million worth of MATIC, $2 million worth of WBTC, and the rest in small amounts of LINK, Unit Protocol, Aavegotchi, and Immutable X.
The Cardano boss highlighted that the hack would have been impossible if the network had a more secure programming language. Hoskinson lauded Cardano’s customized Smart Contracts programming language, Plutus, as one of the unique selling points of the network, as it allowed developers to write “great and secure code.”
Key Cardano Levels to Watch — December 3
After a prolonged period of consistent declines to a four-month low of $1.418, ADA posted a mild rebound to the upper-$1.700 level yesterday. However, the sixth-largest cryptocurrency immediately came under renewed bearish pressure, which has now sent it to the $1.600 round figure (at press time).
Nonetheless, Cardano has created a mini upward channel since its November 28 rebound and currently trades near the bottom of the ascending channel, buoyed by the 50 SMA. That said, I expect to see a bearish slow down around this area followed by a rebound to the $1.780 top and, subsequently, the $1.900 mark.
Meanwhile, our resistance levels are $1.600, $1.650, and $1.700, and our support levels are $1.550, $1.500, and $1.445.
Total Market Capitalization: $2.58 trillion
Cardano Market Capitalization: $53.8 billion
Cardano Dominance: 2.08%
Market Rank: #6
