Phantom Blockchain succumbed to another hack in the decentralized finance (DeFi) market, causing severe depreciation of the altcoin project’s native token, FTM.
The altcoin price fell sharply after the attack
The platform’s native token FTM saw a sharp drop to $0.2985 during the day, however, it managed to partially recover afterwards. On the other hand, coupled with the crypto crash that is currently wrecking the market, the token has lost more than half of its value in the past few days. The altcoin was trading at $0.3469 at the time of writing.
FTM daily price chart / Source: CoinMarketCap According to SpiritSwap, an exchange on the Phantom Blockchain, it has been hacked. In a statement made by the platform, malicious actors managed to steal approximately $18,000 during the breach. The breach caused the platform to pause activities to allow them access to the status and prevent further losses.
Although the hack on SpiritSwap can be classified as one of the smallest on the market, Phantom It shows how simple its security architecture is among other Blockchains. To illustrate a perspective, let’s state that this hack is the fourth hack to occur on Blockchain in the past three months. The latter involved Deus Finance, and the hackers stole more than $13 million.
Crypto platforms hacked after GoDaddy breach
The first attack on Fantom in the past three months was one involving Fantasm, which saw the platform’s security lead hackers to steal $2.6 million. After that, Deus Finance was attacked for the first time. The growing success of attacks on platforms on the blockchain has caused investors to flee the project. According to experts, the loss of more than 86% of its native token FTM during the year is proof of this.
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. As it will be remembered from the news of Kriptokoin.com, one of the most popular victims of the attack is the Polygon-based QuickSwap. The activities on the platform were also stopped in order to find the perpetrators. However, it was stated that users should not panic as their funds are still safely stored. While the exact scale of the attack has not been determined, there is consensus that hackers breached the GoDaddy account recovery process to hit the platforms.
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