Elastos TVL Drops Sharply as After $700,000 Exploit

The total value locked (TVL) on the Elastos Smart Chain (ESC) has fallen to $1 million following the multichain exploit on FilDA on April 23.

TVL on the FilDA platform has dropped 95.2% in the last seven days, with decentralized exchanges Glide Finance and Elk’s locked value falling 13.8% and 14.5% respectively in the same period. The Elastos (ELA) price has also dropped 13.1% to $1.25.

FilDA Recovers $220,000 From Recent Exploit

An exploiter stole $700,000 from lending protocol FilDA in the early hours of April 23. The attack affected Bitcoin, BUSD, and Elastos on the ESC Chain.

FilDA confirmed on April 24 that it had recovered 160,000 ELA and 21,000 DAI from the hacker. They are offering the hacker a bounty for returning the remaining funds and have engaged law enforcement. 

The team has also temporarily nullified the attack vector by changing a certain smart contract configuration, with plans for permanent changes. 

According to its February report, FilDA had 145,574 active addresses.

ELA Breakdown and Breakout Equally Likely

The Elastos price has traded in a symmetrical triangle since the beginning of the year. The symmetrical triangle is considered a neutral pattern, meaning that both a breakout and a breakdown are possible. Currently, the price is trading close to the support line of the pattern. Whether it bounces or breaks down will likely determine the future trend’s direction.

If the ELA price breaks down, a decrease to the $0.81 support area is the most likely scenario. However, if it breaks out, the price could increase to the $2.68 area, a Fib resistance, and the length of the triangle projected to the breakout point.

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