Pyra Ceases Operations Following Drift Hack, Launches Withdrawal Portal
- Impact of Hack: Pyra has announced its shutdown due to the significant impact of the Drift hacking incident on its operations and user base, highlighting the vulnerability of crypto payment platforms despite months of searching for a sustainable solution.
- User Fund Management: The company has suspended new user sign-ups and plans to launch a dedicated withdrawal portal in the coming weeks to assist existing users in managing outstanding positions and retrieving their funds, urging users to monitor official channels for updates.
- Industry Risk Warning: Pyra's closure underscores the systemic risks that decentralized protocols pose to centralized service providers, potentially prompting the industry to adopt stricter risk management practices and more robust insurance mechanisms to enhance platform security.
- Importance of Self-Custody: This incident serves as a reminder for users to keep only necessary funds on crypto platforms and prioritize self-custody to mitigate the risk of losing assets due to platform vulnerabilities.
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Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 3 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DRIFT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, DRIFT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Drift (DRIFT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0116 | 0.0129 | 0.0145 | 0.0158 | 0.0174 | 0.0187 | 0.0203 |
| Fibonacci | 0.0129 | 0.0141 | 0.0147 | 0.0158 | 0.017 | 0.0176 | 0.0187 |
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