NEAR’s security update has had this effect on investor confidence
ambcrypto.comSolana was in the news recently after it addressed this week’s hack by underscoring the need to improve wallet address security. NEAR protocol promptly took note and has now taken action to improve security for all NEAR wallet users.
In fact, NEAR recently revealed that it conducted a security review of wallets earlier this week. This includes searching for potential vulnerabilities that might affect users. The security update in question confirmed a vulnerability involving wallets whose SMS or email recovery data was handled by a third party.
<p lang=«en» dir=«ltr» xml:lang=«en»>On 6/6/2022 a bug was reported in the wallet. There was a potential vulnerability in the security of wallets that used email or SMS recovery as data travelled to the third party service. The bug was patched that same day and no accounts were compromised.— NEAR Protocol | NEARCON.org | Lisbon | Sept 11-14 (@NEARProtocol) August 4, 2022
The protocol is keen on moving from the SMS and email recovery method in a bid to boost wallet security. New addresses will no longer use this method and NEAR has encouraged existing users to change their security settings.
NEAR protocol’s decision to focus on security and protecting user addresses may have provided a boost to investor confidence. In fact, NEAR rallied by 17.5% on 5 August, within hours of the security update being released.
Source: TradingView
NEAR’s short-term price action has been confined by an ascending resistance line. On 5 August, the price surge yielded a resistance line retest and even managed to cross above the same, before facing some friction. The price has already retraced slightly since.
NEAR’s current retracement is also not surprising considering that the rally briefly pushed the price
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