Analyzing the aftermath of Monero’s exploit
November 7, 2023
By Dipayan Mitra
After details about Monero’s exploit were released, its price plummeted.
After XMR’s price dropped, its Open Interest followed suit.
Monero [XMR] recently fell victim to an exploit that caused the loss of millions of dollars. Generally, such exploits stir up negative sentiment around cryptos, which causes their prices to plummet. However, the case with XMR was different.
Monero took a blow during the hack
As reported earlier by AMBCrypto, Monero experienced a severe attack on the 1st of September. Though the incident took place over two months ago, its details were released recently.
According to the report, the hacker(s) made away with 2675.73 XMR belonging to the Monero Community Crowdfunding System (CCS). The token moved were worth nearly $43 million at the time of the exploit.
During the initial days of the hack, the token’s price chart turned red as its price plummeted. But then, things started to move sideways.
Source: CoinMarketCap
Is Monero finally reviving?
While the chaos around the hack settled, XMR’s price action gained upward momentum as its value shot up by over 10% last month. As per CoinMarketCap, XMR was trading at $166.05 with a market capitalization of over $3 billion.
But things changed in the last 24 hours, as its value dropped by nearly 2%. Regardless, the future of the token may hold good news for investors.
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