Loopring is Looking towards the Abyss at $0.1000
Loopring (LRC) is down by 2.0% to $0.2209 this week, although it had dropped as low as $0.2159. The token has come under significant pressure after Loopring’s “most secure” wallet was hacked, resulting in losses of at least $5 million (1373 Ethereum).
Hackers compromised the wallet recovery service, which enables individuals to designate trusted entities to recover assets or freeze compromised accounts. An attacker managed to "recover" assets from several wallets. This bad news is dragging LRC prices down to a crucial support level at $0.2000. If the token fails to recover, it risks plummeting further towards $0.1000.
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