It's a multi-million dollar heist uh rattling crypto investors this week. A hacker stole over hund00 million from a DeFi a decentralized finance uh platform called Balancer. And joining us now, cyber security expert Chris Krebs. He served as the inaugural director of the US Department of Homeland Security, cyber security and infrastructure security agency.He also uh ran US cyber policy for Microsoft. So Chris, can you let's just get back to to what what what is balancer. It was I guess it used ether or some ...

Core Insights - SUI, the native token of the Sui blockchain, experienced a significant decline of 9.2% to $2.02 after breaching critical support levels, leading to increased technical selling and failed recovery attempts [1] - The decline was exacerbated by a $116 million exploit involving the DeFi protocol Balancer, which negatively impacted market sentiment [1] Market Activity - Investors began to reduce exposure to riskier layer-1 tokens, with SUI showing signs of institutional liquidation, as indicated by CoinDesk Research's technical analysis [2] - During the sell-off, approximately 42.6 million SUI tokens were traded, representing a 68% increase over the daily average trading volume [2] Technical Analysis - The previous support level of $2.08 has now become a resistance level, with multiple failed attempts to bounce back reinforcing a bearish trend [3] - As of U.S. morning hours, SUI was trading around $2.02 in low-volume conditions, indicating traders were preparing for the next significant market movement [3] Price Projections - Technical analysts observed classic capitulation behavior, including a rapid one-hour price drop followed by lower highs and tight consolidation [4] - If SUI falls below $2.014, technical targets suggest potential declines to $1.98 or even $1.95, while bulls need to reclaim $2.07 to regain upward momentum [4] - The CoinDesk 5 Index, which tracks the largest cryptocurrencies, also fell by 1.15% on the same day, with all constituents experiencing losses [4]

Company Overview - Bitmine, led by Tom Lee, announced the purchase of 82,353 ETH, increasing its total Ethereum holdings to 3.4 million ETH, valued at $14.2 billion [1] - The firm raised its cash reserves to $389 million, up from $305 million, and aims to acquire 5% of Ethereum's circulating supply [1] Market Reaction - Following Bitmine's latest purchase, its stock price fell 7.48% to $43.16, indicating investor anxiety over a recent DeFi security breach [2] - Weekly disclosures show consistent Ethereum purchases, including 203,826 ETH on October 20 and 202,037 ETH on October 13 [2] Ethereum Price Analysis - Ethereum's price fell below $3,700 on November 3, triggering a death cross formation between the 50-day moving average at $4,145 and the 200-day moving average at $4,197, suggesting a potential downtrend [3] - The price is currently consolidating around $3,616, down 7.4% on the day, marking its highest single-day loss since the $19.4 billion crypto market capitulation on October 10 [4] - The RSI at 36.52 indicates Ethereum is entering oversold conditions, which may lead to a minor rebound towards the $3,720 resistance zone [4] - If Ethereum fails to hold above $3,500, the next downside target is near $3,300 [5]