Ethereum Under Pressure: Price Drops and DeFi Bridge Exploit Mark a Challenging Period
Ethereum Under Pressure: Price Drops and DeFi Bridge Exploit Mark a Challenging Period
Ethereum (ETH) has experienced a notable downturn, erasing all its May gains and reaching an intraday low not seen since early April. This price depreciation comes amidst broader market concerns and significant security incidents within the decentralized finance (DeFi) ecosystem. Specifically, the Verus-Ethereum Bridge was reportedly exploited, resulting in a loss of approximately $11.58 million in digital assets, adding to the growing tally of DeFi hacks in May.
Ethereum (ETH) has erased all its May gains, dropping nearly 10% in the past week. The second-largest cryptocurrency hit an intraday low of $2,097 on Binance on Sunday, its lowest level since April 7. At press time, the asset traded at $2,116.82, down 2.88% over the past day.
The tally of decentralized finance (DeFi) exploits in May continued to climb after the Verus-Ethereum Bridge reportedly suffered a security breach, with attackers draining roughly $11.58 million in digital assets. Multiple blockchain security firms flagged the exploit on Monday, warning users about suspicious activity linked to the bridge. Verus-Ethereum Bridge Reportedly Drained for $11.58 Million