GMX Exchange Loses $565K In AVAX Exploit

Decentralized exchange GMX suffered a price manipulation on the AVAX/USD pair, resulting in losses of $565,000.  AVAX/USD Pair Exploited  As per a tweet on Sunday by security firm PeckShield, the exchange was attacked by a price manipulation exploit worth around $565,000 on the AVAX/USD pair.

Timeline of Avalanche, Gmx

The introduction of Decentralized Finance into blockchain technology has eliminated a lot of issues and solved more problems. For example, the involvement of a third party during transactions has been eliminated by the use of smart contracts.

Today marks a bearish day for Avalanche price analysis as the price went all the way down to $16.79 from yesterday's closing price of $18.47. AVAX/USD is undergoing significant volatility today and is following the overall sentiment of the market.

Decentralized exchange (DEX) GMX allegedly experiences price manipulation on the AVAX/USD pair in key exchanges. The post GMX DEX Reportedly Suffers $565,000 Exploit appeared first on BeInCrypto.

Amidst the gloom and doom of the bear market, one crypto project has emerged as a beacon of optimism and excitement for the entire sector. The latest meme coin to hit the cryptocurrency market is Big Eyes Coin (BIG), and it's utilizing its adorable logo and brand name to win over industry giants.

Crypto enthusiasts are hunters for profits, constantly searching for opportunities that guarantee profits regardless of the market condition. The cryptocurrency market is a bear rally, and although it leaves fewer chances for profit, there are still quite some opportunities.

Avalanche price analysis reveals that the market is in a bearish trend as prices constantly fall. There is some support for AVAX prices around $17.72 but it looks like it won't be enough to stop the fall.

The Kohlberg Kravis Roberts & Co, known as KKR Inc, is an American-based global investment company, KKR & Co has long been managing multiple assets and is now eyeing crypto assets. The class of assets managed by this firm cut across real estate, energy infrastructure, private equity, credit, and Hedge funds.

AVAX had time to recoup from June to July and then in August, the token slipped and formed a bullish cup and handle pattern. AVAX intraday trading volume indicates a 38.7% plunge Avalanche sellers successfully reclaimes the 20-day EMA slope Trading volume skyrockets to 487 million Now, the pattern which can be spotted at the market bottom will serve as a feasible launchpad for the crypto's recovery but in order to complete the pattern, the coin price should barrel past the $30.6 key resistance.

The CEO of Avalanche [AVAX] Labs, Emin Gün Sirer, made an important announcement on 14 September. KKR, a leading global investment firm, joined hands with Avalanche with $417 billion in assets under management (AUM).

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. The previous trading day saw heavy losses across the board for both equities and crypto.