Decentral Block Post

With Solana (SOL) hitting the headlines for succumbing to a hack on Aug. 3, prominent crypto CEOs — including Binance’s Changpeng “CZ” Zhao, KuCoin’s Johnny Lyu and OKX’s Jay Hao — recommended SOL investors move their holdings over to their own exchanges as an immediate security measure.

Numerous blockchain investigators and crypto investors flagged an alleged widespread private key compromise, allowing the attacker to steal native SOL tokens and Solana-compatible SPL tokens such as USD Coin (USDC) from Phantom and Slope wallets. However, the root cause of the attack remains a mystery as all parties, including Solana and Phantom, denied faults at their ends. Phantom’s official stance on the matter shared with Cointelegraph was:

“We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue.”

Parallel to the ongoing investigations of the Solana fiasco, CZ warned investors of “an active security incident on Solana” that drained funds in SOL and USDC off over 7000 wallets. His recommendation to unhacked investors was to transfer their assets to a cold wallet or Binance.

Lyu gave a similar assurance to KuCoin users as he confirmed that all SOL assets were not impacted by the hack; as he said:

Bitcoin (BTC) has been trending up since mid-July, although the current ascending channel formation holds $21,100 support. This pattern has been holding for 45 days and could potentially drive BTC towards $26,000 by late August.

According to Bitcoin derivatives data, investors are pricing higher odds of a downturn, but recent improvements in global economic perspective might take the bears by surprise.

The correlation to traditional assets is the main source of investors' distrust, especially when pricing in recession risks and tensions between the United States and China ahead of House Speaker Nancy Pelosi's visit to Taiwan. According to CNBC, Chinese officials threatened to take action if Pelosi moved forward.

The U.S. Federal Reserve's recent interest rate hikes to curb inflation brought further uncertainty for risk assets, limiting crypto price recovery. Investors are betting on a "soft landing," meaning the central bank will be able to gradually revoke its stimulus activities without causing significant unemployment or recession.

The correlation metric ranges from a negative 1, meaning select markets move in opposite directions, to a positive 1, which reflects a perfect and symmetrical movement. A disparity or a lack of relationship between the two assets would be represented by 0.

Polkadot (DOT) looks ready to extend its ongoing price recovery due to a classic bullish pattern forming on its daily chart.

DOT paints "cup and handle" pattern

Notably, DOT has been forming a "cup and handle" pattern since mid-June, confirmed by its price crashing and recovering in a rounding, U-shaped trajectory (cup), followed by the development of a trading range on the right-hand side (handle).

Cup and handle patterns are typically bullish continuation setups that form during an uptrend. But in rare cases, they appear at the end of a downtrend, leading to a bullish price reversal. As a result, DOT's possibility of continuing its price recovery seems high.

Thus, from the technical perspective, DOT initially eyes a breakout above its cup and handle's resistance line near $8.50.

A decisive close above the resistance line, i.e., a breakout move accompanied by a rise in volume, could have DOT eye approximately $12 as its upside target by September, up more than 50% from today's price.

Polkadot (DOT) looks ready to extend its ongoing price recovery due to a classic bullish pattern forming on its daily chart.

DOT paints "cup and handle" pattern

Notably, DOT has been forming a "cup and handle" pattern since mid-June, confirmed by its price crashing and recovering in a rounding, U-shaped trajectory (cup), followed by the development of a trading range on the right-hand side (handle).

Cup and handle patterns are typically bullish continuation setups that form during an uptrend. But in rare cases, they appear at the end of a downtrend, leading to a bullish price reversal. As a result, the possibility of DOT continuing its price recovery seems high.

Thus, from the technical perspective, DOT initially eyes a breakout above its cup and handle's resistance line near $8.50.

A decisive close above the resistance line, i.e., a breakout move accompanied by a rise in volume, could have DOT eye approximately $12 as its upside target by September, up more than 50% from Aug. 's price.

Crypto exchange Zipmex, which operates in Thailand, Indonesia, Singapore and Australia, released a statement this week denying reports that it has filed for bankruptcy and announcing its progress in resuming withdrawals from its Z Wallets. 

Zipmex customers can withdraw Solana (SOL) from their wallets Tuesday and will be able to withdraw XRP on Thursday and Cardano (ADA) on August 9, the company said.

Zipmex provides its customers with two wallets: Z Wallet, used for Zipmex services and receipt of earnings and bonuses, and Trade Wallet, where fiat currency and funds for trading are held. Zipmex paused all withdrawals from its platform on July 20 but resumed withdrawals from Trade Wallets two days later. The company cited its exposure to Babel Finance and Celsius defaults as necessitating the wallet freeze. Babel Finance owed Zipmex $48 million and Celsius owed it $5 million.

Now altcoins in Z Wallets will be transferred to Trade Wallets, leaving only Bitcoin (BTC), Ether (ETH) and stablecoins frozen in Z Wallets. Zipmex promised customers that it would “start to release some of these tokens [BTC, ETH and stablecoins] into your Trade Wallet starting in the middle of August.”

Related: Thai SEC launches digital hotline for Zipmex users