Another Fantom Hack? FTM Slumps 15% After DEX Attack

    Fantom (FTM), the native token on the eponymous blockchain, fell sharply after one among its largest DeFi exchanges (DEX) was hit with a hack.

    FTM slumped over 15% prior to now 24 hours, and is now buying and selling at nine-month lows of $0.322552. Saturday’s losses have now seen the token greater than halve in worth this week, within the wake of a crippling crypto crash.

    SpiritSwap, one among Fantom’s largest DeFi exchanges, mentioned its platform was compromised. The platform mentioned about $18,000 was stolen, though it needed to stop operations to stop additional theft.

    SpiritSwap remains to be not processing transactions, as of press time.

    Fourth Fantom hack in three months

    While the size of the assault on SpiritSwap seems to be restricted, it’s Fantom’s fourth main hack prior to now three months. In April, Deus Finance was attacked in flash mortgage exploit that cost the platform over $13 million.

    Deus was additionally exploited in March. Prior to that, one other FTM-based protocol, Fantasm, misplaced $2.6 million in an exploit.

    The string of assaults had severely undermined investor confidence in FTM, with the token now buying and selling down 86% up to now in 2022. Like its value response on Saturday, FTM has logged steep losses on each hack.

    SpiritSwap hack a part of broader assault

    SpiritSwap was removed from the one undertaking attacked this week. A vulnerability in area internet hosting  platform Godaddy seems to have compromised a number of main crypto tasks.

    Of these, Polygon-based DEX QuickSwap was among the many extra notable casualties. The alternate has now suspended swaps to stop any extra funds from being stolen. But it mentioned person funds and liquidity swimming pools are protected.

    The full extent of funds stolen is presently unclear. Given that a number of crypto tasks use Godaddy, your complete scope of the assault is presently unknown.

    Speculation is that hacker might need used Godaddy’s account restoration methodology to hack accounts of a number of defi web sites. I’m listening to that even Etherscan is perhaps compromised.

    -Polygon founder Sandeep Nailwal

    On Friday, a number of different main crypto platforms have been additionally attacked in a phishing try. CoinGecko, EtherScan and Dextools all warned users in opposition to malicious popups encouraging them to attach their wallets.

    With greater than 5 years of expertise overlaying international monetary markets, Ambar intends to leverage this information in direction of the quickly increasing world of crypto and DeFi. His curiosity lies mainly to find how geopolitical developments can affect crypto markets, and what that would imply on your bitcoin holdings. When he is not trawling by way of the online for the newest breaking information, you will discover him enjoying videogames or watching Seinfeld reruns.
    You can attain him at [email protected]

    The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.

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