Another Fantom Hack? FTM Slumps 15% After DEX Attack

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

FTM slumped over 15% previously 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 in every of Fantom’s greatest 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

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

Deus was additionally exploited in March. Previous 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% to date in 2022. Like its worth response on Saturday, FTM has logged steep losses on each hack.

SpiritSwap hack a part of broader assault

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

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

The complete extent of funds stolen is at present unclear. Provided that a number of crypto initiatives use Godaddy, the whole scope of the assault is at present unknown.

Hypothesis is that hacker may 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 had been additionally attacked in a phishing try. CoinGecko, EtherScan and Dextools all warned customers towards malicious popups encouraging them to attach their wallets.

With greater than 5 years of expertise masking world monetary markets, Ambar intends to leverage this information in the 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 might imply on your bitcoin holdings. When he is not trawling by means of the net for the most recent breaking information, you could find him enjoying videogames or watching Seinfeld reruns.
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