Published: Feb 24, 2025 at 05:45 AM
Updated: Feb 23, 2025 at 10:01 PM
- BNB struggles to hold above $720, facing key support at $565 amid market volatility and security concerns.
- Exchange hacks highlight vulnerabilities in multi-signature security, with ByBit’s breach exposing sophisticated attack tactics.
- A breakout above $720 could drive BNB higher, while failure to hold support may lead to deeper corrections toward $380 or lower.
Security issues have been brought up by the recent wave of cryptocurrency exchange hacks, and Changpeng Zhao (CZ), the former CEO of Binance, has highlighted new dangers. CZ highlighted a pattern where hackers exploit multi-signature cold storage solutions.
The breaches at ByBit, Phemex, and WazirX indicate a sophisticated attack strategy. In ByBit’s case, hackers manipulated the front-end interface to mask unauthorized transactions. The infamous Lazarus Group remains a prime suspect, demonstrating advanced infiltration tactics.
CZ suggested halting withdrawals post-breach as a security measure. He recalled Binance’s 2019 hack when withdrawals paused for a week. Although this approach could induce panic, it provides time to assess vulnerabilities.
Every incident differs, and exchanges must balance transparency with security. Ben Zhou, ByBit’s CEO, received praise for his transparent crisis management, contrasting with FTX’s opaque dealings. Overall, security remains paramount in crypto operations.
Binance Coin (BNB) has suffered volatility after failing to sustain its breakout above $720. The price has already retraced to $654.76, showing a 2.75% decrease. A deviation above resistance indicates a liquidity grab, leading to market fluctuations.
BNB’s price surged from mid-2023, breaking through previous resistance levels. After a long consolidation phase, strong bullish momentum drove the price above $265. By early 2024, BNB tested the $720 resistance multiple times but failed to hold above it.
Source: Ali
Currently, the price remains below this key resistance. If the downtrend continues, BNB could test support at $565 or even drop to $505. Conversely, a strong upward move above $720 could trigger another breakout.
Another bullish momentum seems to be underway from support levels. However, if sentiment turns against BNB and prices begin to fall, they might see levels of $380 or even $214 sometime in the future. Recent hacks that have attacked exchanges have exposed flaws in certain multi-signature solutions, which has made participants rethink their security measures.
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