Another new hack: this Altcoin has fallen hard!

Another new hack: this Altcoin has fallen hard!

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Phantom Blockchain succumbed to another hack in the decentralized finance (DeFi) market, causing the altcoin project’s native token, FTM, to depreciate sharply.

The price of the altcoin fell sharply after the attack

The platform’s native token, FTM, fell sharply that day to $0.2985, although it managed to partially recover afterwards. On the other hand, coupled with the crypto crash currently destroying the market, the token has lost more than half of its value in recent days. The altcoin was trading at $0.3469 at the time of writing.

Altcoins
FTM daily price chart / Source: CoinMarketCap

According to SpiritSwap, an exchange on the Phantom Blockchain, it was hacked. In a statement made by the platform, malicious actors managed to steal around $18,000 during the breach. The breach caused the platform to suspend activities to allow them to gain status and avoid further losses.

While the hack on SpiritSwap can be ranked as one of the smallest in the market, it shows how simple the Phantom security architecture is among other Blockchains. To illustrate a perspective, let’s say this hack is the fourth hack to occur on Blockchain in the past three months. The latest involved Deus Finance, and the hackers stole over $13 million.

Crypto Platforms Hacked After GoDaddy Breach

The first attack against Fantom in the last three months was the one involving Fantasm, which saw the platform’s security hackers steal $2.6 million. After that, Deus Finance was attacked for the first time. The growing success of platform attacks on the blockchain caused investors to flee the project. According to experts, the native token FTM has lost more than 86% over the year for proof.

SpiritSwap was not the only crypto project to witness a hack where a flaw in the GoDaddy hosting platform resulted in other crypto platforms being hacked. cryptocoin.com As will be remembered from the news, one of the most popular victims of the attack is the Polygon-based QuickSwap. Activities on the platform were also stopped in order to find the perpetrators. However, it has been stated that users should not panic as their funds are still safely stored. Although the exact scale of the attack has not been determined, there is consensus that the hackers breached the GoDaddy account recovery process to reach the platforms.

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