Benzinga – A cryptocurrency token belonging to a platform that suffered a $5 million exploit has plunged sharply, and an analytics firm thinks it presents an opportunity for bold dip buyers to add it to their portfolios.
What Happened: Loopring (CRYPTO: LRC), the Ethereum (CRYPTO: ETH)-based cryptocurrency token of the zk-rollup-based platform was exploited, allowing the attacker to steal $5 million worth of cryptocurrencies from different wallets.
The exploit resulted in a 20% decline in LRC’s price, according to on-chain analytics firm Santiment.
The price decline was fueled by considerable FUD in the market, with most traders dumping their LRC holdings anticipating further losses. The 9% spike in trading volumes in the last 24 hours added weight to the net selling narrative.
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