Crypto News: CoinEx Targets Hackers While JEPX Comes Under Investigation

Bob Mason
Published: Sep 18, 2023, 03:20 GMT+00:00

While JPEX suspending trades and Ethereum's testnet delay, celebrities settle in ongoing FTX-related cases.

Five Things to Know in Crypto This Week

In this article:

Key Insights:

  • Developers delayed the Holesky Testnet launch on the Ethereum Mainnet by two weeks over a misconfiguration issue.
  • CoinEx posts a letter offering a bug bounty reward to the hackers.
  • Celebrities associated with the FTX scandal settle their cases.

The Sunday Session Overview

Holesky: Failed to Launch: The release of the Holesky testnet experienced a hiccup on the weekend. A reported misconfiguration forced Ethereum developers to delay the launch to address coding issues. Developers planned the Holesky testnet launch to coincide with the first year anniversary of the Merge. Paritosh, a developer at the Ethereum Foundation, shared the news of the misconfiguration, stating that the team will relaunch in two weeks.

A-Listers Embroiled in the FTX Case Settle: On Saturday, news hit the wires of YouTube influencers Tom Nash and Kevin Paffrath agreeing to settle cases brought against them for misleading investors. NFL quarterback Trevor Lawrence also settled a suit against him for his involvement in misleading investors. The three form part of a list of A-list celebrities and sporting icons who face legal action over their association with FTX. Tom Brady, Stephen Curry, Larry David, Shaquille O’Neal, and Naomi Osaka are among them.

CoinEx Lures Hackers to the Negotiating Table: On Friday, CoinEx posted an open letter to the Hackers. While asking the hackers to return the stolen funds, CoinEx extended an olive branch, saying, “If you are willing to return the stolen assets, we will offer you a generous bug bounty.” While highlighting the seriousness of the crime, CoinEx also invited the hackers to discuss the future upgrade of CoinEx’s security system. According to an Elliptic report, the infamous Lazarus Group was behind the $54 million CoinEx hack.

Crypto Platform JPEX Suspends Trading: On Sunday, JPEX announced the suspension of trades from today. The platform is under investigation in Hong Kong for suspected fraud. According to the South China Morning Post, JPEX had yet to file license applications. Hong Kong police reportedly received 83 complaints involving $4.3 million.

Technical Analysis

Bitcoin Analysis

BTC pulled back from the $26,755 resistance level after several rejected attempts to target $27,000. Significantly, BTC remained below the 50-day and 200-day EMAs, affirming bearish price signals.

A break above the $26,755 resistance level would support a BTC move to the 200-day EMA. However, a return to $26,000 would give the bears a run at the trend line. A break below the trend line would support a BTC move toward the $25,506 support level.

The 14-Daily RSI reading of 48.89 supports a BTC fall to the trend line before entering oversold territory.

BTC Daily Chart sends bearish price signals.
BTCUSD 180923 Daily Chart

Ethereum Analysis

ETH sat above the $1,626 support level. However, ETH continued to hover below the 50-day and 200-day EMAs, sending bearish price signals. An ETH break below the $1,626 support level would support an ETH move toward the $1,502 support level.

However, a return to $1,650 would give the bulls a run at the 50-day EMA.

Beyond the crypto news wires, SEC v Ripple and Coinbase (COIN) case-related news, and ETH-spot ETF updates would provide direction.

The 14-Daily RSI reading of 45.40 supports an ETH return to $1,600 before entering oversold territory.

ETH Daily Chart sends bearish price signals.
ETHUSD 180923 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?