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.
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.
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.
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