Another Fantom Hack? FTM Slumps 15% After DEX Attack

Fantom (FTM), the native token on the eponymous blockchain, fell sharply after one in all 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 all Fantom’s largest DeFi exchanges, stated its platform was compromised. The platform stated about $18,000 was stolen, though it needed to stop operations to forestall 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 price the platform over $13 million.

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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% up to now in 2022. Like its value response on Saturday, FTM has logged steep losses on each hack.

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SpiritSwap hack a part of broader assault

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

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

The total extent of funds stolen is at the moment unclear. On condition that a number of crypto tasks use Godaddy, the complete scope of the assault is at the moment unknown.

Hypothesis is that hacker might need used Godaddy’s account restoration technique to hack accounts of a number of defi web sites. I’m listening to that even Etherscan may be 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 customers in opposition to malicious popups encouraging them to attach their wallets.

With greater than 5 years of expertise protecting international monetary markets, Ambar intends to leverage this data in direction of the quickly increasing world of crypto and DeFi. His curiosity lies mainly find how geopolitical developments can impression crypto markets, and what that might imply to your bitcoin holdings. When he is not trawling via the net for the newest breaking information, you could find him enjoying videogames or watching Seinfeld reruns.
You may attain him at [email protected]

The offered content material could embrace the non-public 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 to your private monetary loss.

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