The price of this Altcoin is rapidly melting after the new hack attack! – Bitcoin System

The price of this Altcoin is rapidly melting after the new hack attack!  - Bitcoin System

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Ghost Blockchain native altcoin FTM, one of the largest decentralized exchanges (DEX) suffered a sudden drop after someone was hacked.

FTM price has lost 23.77% in the last 24 hours and is trading at $0.30 at the time of this writing. With the losses suffered today, the altcoin has lost more than half of its value this week.

Timeline price chart showing the decline experienced by the FTM token.

SpiritSwap, one of Fantom’s largest DeFi exchanges, confirmed in its official statement that their platform was attacked.

Although the loss amounted to a measly $18,000, the exchange had to cease operations to prevent the theft from continuing.

SpiritSwap still does not allow any exchange transactions at the time of this writing.

There have been four ghost hacks in the last three months

While the attack on SpiritSwap was limited in size, it was the fourth major attack on the Phantom Network in the past three months.

In April, the Deus Finance platform was targeted, resulting in losses of over $13 million.

The Deus Finance platform was also the victim of attacks in March. Previously, Fantasm, an FTM-based protocol, lost $2.6 million following an attack.

After the attacks, the FTM altcoin has lost 86% of its value so far in 2022.

SpiritSwap Hack was part of a larger attack on Altcoins

SpiritSwap wasn’t the only project hit by attacks this week. Due to a vulnerability in the domain hosting provider Godaddy, several cryptocurrency It was determined that the project was under attack more.

Among those attacked was the Polygon-based decentralized exchange QuickSwap.

This exchange suspended swap transactions to prevent the theft of funds. According to the platform, user funds and liquidity pools were not damaged by the attacks.

Apparently, the hacker who carried out these attacks took over some DeFi websites using Godaddy’s account recovery method.

*No investment advice.

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