The Fantom Blockchain has succumbed to yet another hack which caused the native token FTM to fall by 15% in 24 hours
The Fantom blockchain has been hacked yet again causing its native coin, FTM, to fall in value. The platform’s native token, FTM, is currently trading at $0.334, following a dramatic 15% decline in the last 24 hours. The coin has lost more than half of its value in the previous few days due to the crypto collapse.
SpiritSwap Suffers $18,000 Loss In Attack
SpiritSwap, a Fantom-based exchange, claims to have been the victim of a major attack.
According to the platform’s announcement, the hostile actors were able to steal $18,000 during the incident.
The platform’s activities were put on hold because of the breach so that they could prevent further losses. As of this writing, SpiritSwap has yet to resume activity on the site as it focuses on apprehending the crooks.
Although the SpiritSwap hack is one of the smallest on the market, it demonstrates how straightforward the Fantom security design is in comparison to other blockchains.
To put things in perspective, this is the fourth hack to occur on the blockchain in the previous three months. The recent one involves Deus Finance, which was hacked that resulted in the theft of almost $13 million.
Hackers Use GoDaddy Account To Attack Fantom
The first hack on Fantom in the recent three months was the one involving Fantasm, in which hackers exploited the platform’s security to steal $2.6 million.
Deus Finance was then targeted for the first time. Investors have fled the initiative due to the increasing success of attacks on blockchain systems.
This is despite the fact that its native token, FTM, has lost almost 86 percent of its value this year.
Fantom has lost a considerable chunk of its value whenever an assault occurs in any of the protocols on its blockchain, as it is doing now.
After weakness in the GoDaddy hosting platform allowed other crypto platforms to be hacked, SpiritSwap was not the first crypto project to be targeted.
Polygon-based QuickSwap is one of the most popular victims of the breach. The platform’s activities have also been halted until the perpetrators are sought.
Users need not be concerned, though, because their cash is still protected. Although the full scope of the attack has yet to be discovered, it is widely assumed that the hackers used the GoDaddy account recovery process to attack the platforms.
