Make a killing by betting which losers will rebound? Swarm City SWT: one of the Biggest Losers for the day with 35% drop.steemCreated with Sketch.

in #cryptocurrency4 years ago

Hacker steals $30 million today.

I was perusing the biggest gainers and losers feed on https://coinmarketcap.com/gainers-losers/ and I noticed that SWT had dropped by almost 35% on the day. I have never heard of Swarm City before so I did a little research and found a couple of forums including this one on reddit. https://www.reddit.com/r/SwarmCity/ I learned that the drop was due to the news that at 12:30 this afternoon, a hacker cleaned out an entire wallet containing 44,055 ETH that was owned by the Swarm City development team. There was a vulnerability in a specific type of wallet(Parity Multisig "enhanced") that also allowed the hacker to steal from Edgeless which dropped 20% after the news. In all the hacker got away with about $30 million in ETH.

After reading the press release and finding out that the developers seem to be in it for the long haul, and after learning a little about Swarm City and the team's vision, it seems to me that the coin will likely bounce back and investors can make a decent profit. It's currently at USD $1.28 but was $2.00 just before the news broke this afternoon. The low for the day was $0.62 and it doubled by the close.

Maybe I'll buy 10,000 SWT and wait for it to hit $2.00 again! Might only be a few days. Or hours.

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Nice post. Interesting to see I'm not the only one that is thinking about this. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. I found this great website: https://www.coincheckup.com The site is my go to place for crypto investment analaysis and indepth coin research.

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