The Defi Token, which is an acronym for decentralized finance, surged on Coin98’s price prediction after the Twitter account was hacked by a group of cybercriminals. The tokens are stored in Ethereum’s (ETH) smart contract and can be traded on Coin98. Defi is a term that refers to decentralized finance, which means that it doesn’t rely on any centralized institution such as banks and governments to help with the transactions. This type of finance relies heavily on blockchain technology to operate smoothly. Currently, there are over 1 billion Defi tokens in circulation with each Coin worth around at the time of publication. The tokens are currently maintained and protected by the Ethereum network. The hacking group hacked Coin98, which is a social trading platform that allows users to predict the price of any cryptocurrency. In this case, they took advantage of Coin98’s API to send around 1 million tokens to the hackers’ Ethereum address.

Coin98 has since released a security update, which means that they can no longer process user trades on their website. The company tweeted and posted on Reddit that it would be releasing an update soon which will allow them to “restore service”. Throughout the past year, blockchain-based technology has seen massive growth in popularity and this hack shows how vulnerable these valuable tokens are when compared to the centralized institutions that people are used to dealing with such as banks and governments.

What is Coin98 (C98)?

Coin98 is a social trading platform that allows users to predict the price of any cryptocurrency. The platform also allows users to create their predictions and forecast the price of a specific digital coin. This allows other investors to follow and monitor the progress of particular strategies. The platform operates on an incentive-based model, which means that when a user predicts correctly the price movement of a specific digital asset, they will receive certain percentages of those profits. On the other hand, if they are not correct with their prediction they will have to forfeit their earnings back to the network.

Something amazing has arrived

Gear yourself up for the new version of #Coin98.
https://t.co/ClJ0C79E0Z
https://t.co/a2SjOONk58 pic.twitter.com/c7LpDRD7Xf

— Coin98 Super App (Formerly Coin98 Wallet) (@coin98_wallet) August 9, 2022

The company is regarded as a pioneer in the space of decentralized finance, and has been dubbed the ‘Tesla of cryptocurrencies’. Investors are eager to see how their predictions will pan out. This hack shows that it is important to be even more vigilant when dealing with blockchain-based startups especially when it comes to hacking.

The C98 token

The price of a C98 token is currently valued while each token is worth at least $0.0141 on CoinMarketCap. The C98 token has been listed on several exchanges including Coinbene and Hotbit, which makes it easy for investors to find direct avenues to purchase these tokens. The C98 token has surged several times throughout the past year but it is currently on a steady decline. The price fell by around in the last month. The company announced that they would be launching a mainnet token in late, which will allow its users to mine the token and receive rewards for carrying out transactions on the network. Coin98 is not the only platform to be hacked this year. Back in June, CoinCheck had to deal with a hack that resulted in over $500 million being stolen from them. This was one of the biggest hacks this year where over 534 million NEM tokens were taken away from their digital wallet.

Coin98 price prediction

According to Coin98’s price prediction, it is safe to say that the platform has not been doing very well in the past few months. Back in November of, Coin98 was being traded at $0.35 per token. Coin98 has not been able to reach that high of a value and is currently sitting at a little under $0.02 per token. The platform has been going through some major issues regarding security, which should be concerning for investors as their funds are not properly secured on their network; instead, they are vulnerable to hackers who can easily exploit certain bugs and vulnerabilities within the platform and take away the users tokens without much resistance from the company itself.

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