One of the biggest pieces of crypto news today involves multiple users on Friend.tech falling victim to SIM swap attacks, resulting in the theft of over $385,000 worth of Ethereum.
According to an X post on October 5 by blockchain analyst ZachXBT, the hackers stole 234 ETH worth around $385,000 from four Friend.tech users in a 24-hour period on October 4.
Following the news of these Ethereum SIM swap attacks, what is the best crypto to buy now?
The victims expressed disbelief and desperation as their ETH holdings were quickly stolen through the SIM swap hacks.
One user named “KingMgugga” pleaded for help on the social network to no avail. Another user, “sumfattytuna”, explained that the hacker accessed his Friend.tech account from an Apple store, performed a SIM swap to an iPhone SE, and compromised his wallet security.
This is not the first incident of its kind on Friend.tech. On September 30, a user named “froggie.eth” reported that his account was hacked via SIM swap, resulting in the theft of over 20 ETH worth an estimated $32,600.
According to ZachXBT’s previous report on August 23, $13.3 million in funds have been stolen through 54 SIM swaps across various crypto platforms, including Aptos Network, Metis DAO, PleasrDAO, and others.
In light of the repeated attacks, Manifold Trading assessed that around $20 million of Friend.tech’s $50 million in total locked value could be at risk due to vulnerabilities in the platform’s infrastructure.
Manifold Trading suggested security improvements like two-factor authentication, hardware wallet integration, and removing phone numbers from connected accounts.
In an effort to counteract these types of attacks, Friend.tech is rolling out a new feature, which will allow users to log into their accounts without using their phone numbers.
Experts emphasize that enhanced security measures like two-factor authentication should be implemented across crypto platforms, especially after the September SIM swap hack of Vitalik Buterin’s Twitter account.
For now, users are advised to remove their phone numbers from all linked accounts to reduce SIM swap risks.
Despite security fears stemming from the Ethereum SIM swap attacks, Aave, Bitcoin Minetrix, Trust Wallet, Meme Kombat, and Mina Protocol continue to tout their status as the best crypto to buy now thanks to their solid fundamentals and/or positive technical indicators.
AAVE Faces Resistance After Hitting Multi-Month High
After setting a new multi-month high of $72.80 earlier today, the cryptocurrency faced rejection at key resistance levels and has since pulled back to trade at $67.58.
This still represents a 1.36% gain so far today, but it appears that the sellers may be prevailing so far following the failed breakout attempt.
The technical indicators paint a mixed picture when analyzing the AAVE price. The 20-day EMA currently stands at $64.16 while the 50-day EMA is at $63.
This shows the short-term EMAs now trending above the medium-term average, typically viewed as a bullish signal.
However, the RSI has pulled back from yesterday’s 57.54 reading to 59.01 today. While not yet in overbought territory, the indicator’s retreat highlights fading upside momentum after the failed push above $70.
The MACD histogram sits at 0.33, down from 0.40 yesterday. The negative crossover here warns of potential weakness developing in the AAVE price.
In terms of volume and market cap, AAVE saw its market capitalization rise 3.97% to $987.5 million today as trading activity surged 115.69% to $124.4 million.
But with the long upper wick on the daily candle, this points to significant selling pressure around resistance despite the uptick in volume.
With the AAVE price consolidating under resistance, traders may want to wait for a decisive breakout before making a directional bet. Immediate support lies at the Fib 0.382 level of $64.56 followed by the 20-day EMA at $64.16.
On the upside, resistance remains at the zone between $67.99 and $70.12 along with the Fib 0.5 level of $69.04.
A daily close above this area would signal the resumption of the uptrend. But for now, caution may be warranted following the failed breakout as technicals flash warning signs.
Bitcoin Minetrix: Making BTC Mining Accessible to Everyone; Best Crypto to Buy Now
For years, Bitcoin mining remained under the grip of mega-corporations with deep pockets. But Bitcoin Minetrix is prying open access through its stake-to-mine model.
The model allows users to stake tokens in return for mining credits, granting efficient and sustainable cloud mining minus the typical barriers like equipment costs and technical expertise.
So far, the presale for the BTCMTX token has seen significant success, raising over $525,000 within the first week.
At just $0.011, the BTCMTX token provides investors with the possibility of getting in on the ground floor of Bitcoin Minetrix’s new mining model.
By combining staking and mining, Bitcoin Minetrix can provide high rewards and APYs without prohibitive investments or technical know-how required. This merges the best aspects of staking and mining into one forward-thinking model.
The project focuses on transparency and security for investors. Token holders maintain control over their staked tokens and can un-stake at any time. Additionally, the smart contract underwent auditing by blockchain security company Coinsult.
With a minimum investment of only $10, Bitcoin Minetrix intends to make mining accessible to all. As derivatives of Bitcoin gain popularity, Bitcoin Minetrix offers returns while also championing the democratization of Bitcoin mining itself.
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Trust Wallet (TWT) Eyes Breakout Above $0.9677, Bulls in Charge?
The Trust Wallet Token (TWT) price has been one of the standout performers in the cryptocurrency space today.
While the overall cryptocurrency market trend is bearish, TWT is rallying by 6.92% so far today to trade at $0.9319. This comes after a nearly 10% surge yesterday as bullish momentum builds.
Looking at the key technical indicators, the picture seems mixed for TWT. The 20-day EMA sits at $0.8083 while the 50-day EMA stands at $0.8194. With the faster-moving average now above the medium-term line, this signals an uptrend in the TWT price.
However, the RSI has now climbed to an overbought reading of 77.36 compared to yesterday’s 69.95. TWT has not been this overbought since November 2022, so some correction could be ahead after the stellar run.
The MACD histogram continues to rise at 0.0163 versus 0.0094 yesterday. But momentum indicators often peak before price, so traders should watch for a histogram rollover.
In terms of volume and market cap, TWT’s market cap is expanding by 3.50% to $389.5 million today. But notably, the 24-hour trading volume declined 8.64% to $131.6 million. Falling volume amidst rally attempts is often a warning sign for a potential price retracement or a reversal.
With TWT testing resistance around $0.9677 after the push above $0.93 today, traders may want to wait for a clear break before chasing this move. Initial support lies between $0.8586 and $0.8719 along with the 100-day EMA at $0.8648.
But with overbought RSI and fading volume, TWT could be prone to a pullback despite its outperformance. A drop below the 20-day EMA at $0.8083 would signal the bulls are losing control.
Caution may be prudent at current levels following the big two-day surge.
Get Ready to Battle: Meme Kombat Enters the Crypto Gaming Arena
Experts are buzzing about Meme Kombat ($MK), the latest meme coin to hit the presale stage. The project centers around a betting platform where users can wager on battles between popular meme characters.
With multiple game modes, staking rewards, and a decentralized platform, this plucky newcomer is betting on memes and gambling to set itself apart from the meme coin pack.
According to the project’s whitepaper, 50% of the total supply of $MK tokens will be available during the presale event. Another 10% is allocated to exchange liquidity, 10% for community rewards, and 30% for staking rewards.
This token distribution model means Meme Kombat will be fully decentralized and community-owned.
The Meme Kombat platform also offers enticing APY staking rewards of up to 112% to users who lock up their $MK tokens. This staking mechanism could reduce the circulating supply of tokens and positively impact the token value.
Meme Kombat offers users multiple game modes, including player-versus-player matches and player-versus-computer with predetermined odds. The competitive player-versus-player mode seeks to build community engagement.
The project has already attracted the attention of prominent crypto influencers. Analyst Jacob Bury referred to Meme Kombat as a potential 10x meme coin, praising its staking model. Michael Wrubel also shared positive outlooks for the project with his 310,000 YouTube subscribers.
With its unique combination of memes and crypto gambling, Meme Kombat is one of the best crypto to buy now in the meme coin market.
The presale is currently live, with a limited supply of tokens available for purchase with ETH, USDT, or BNB ahead of an exchange listing.
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Fading Upside Momentum: MINA Price Stalls Below Key Moving Averages
The Mina Protocol (MINA) price remains stuck in a trading range despite bullish attempts to break out.
After rallying 7.26% to close at $0.381 yesterday, MINA is currently retreating by 4.51%, falling back down to $0.381 as it grapples with overhead resistance so far today.
Analyzing the key technical indicators, the 20-day EMA sits at $0.381, which is where the price is currently hovering.
The 50-day EMA stands slightly higher at $0.392, which has rejected MINA’s upside attempts over the past four days.
The RSI has pulled back today to 49.35 from yesterday’s 58.33. This shows fading upside momentum as MINA tries unsuccessfully to mount the 50-day EMA. A reading below 50 signals prevailing bearish control.
The MACD histogram remains flat at 0.002, unchanged from yesterday. This highlights building consolidation as positive and negative forces counterbalance.
Looking at potential support and resistance levels, immediate resistance exists around the Fib 0.236 level at $0.391 along with the stubborn 50-day EMA at $0.392. MINA needs to close decisively above this area to signal a bullish breakout from its trading range.
On the downside, initial support holds at the swing low zone of $0.358 to $0.365. A drop below here risks a price discovery phase lower and potential new all-time lows for the MINA price.
With MINA still stuck below its key EMAs, traders may want to wait for a confirmed breakout before trying to ride a trend.
Closing today’s candle above the 20-day EMA at $0.381 would be a first step for the bulls to regain control. But the 50-day EMA remains the higher barrier for now.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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