Phantom-based algorithmic asset protocol Fantasm Finance (FSM) was exploited early Thursday, stealing over $2.6 million in altcoins. The stolen tokens were exchanged for Ethereum (ETH) using the privacy protocol Tornado Cash. As Kriptokoin.com, we are providing the details…
Fantasm Finance lost $2.6 million
According to the team’s announcement on Twitter on March 9, synthetic asset network Fantasm Finance has lost 1.007 ETH worth approximately $2.6 million. He suffered an attack in which . The attacker’s address indicates the extent of the theft. Currently, there are approximately 1.8 million FTMs remaining in the pool for repayment. “Our FTM collateral reserve has been used up, we currently have 1,820,012 FTM pool balances remaining for redemption,” the team tweeted. FTM is Fantom’s native token and is one of the tokens used as collateral support on Fantasm.
Hackers, a representation of Fantom’s FTM in Fantasm They were able to print the XFTM, which is the first, using a small amount of FSM tokens. Alpha Finance chief engineer Nipun Pitimanaaree said in a tweet after reviewing the blockchain records that the hackers started with 50 FTMs and gradually continued using larger amounts to trade a total of 2.8 million XFTMs. The stolen funds were then traded using Tornado Cash, a privacy protocol that allows anonymous token swaps. 1,007 ETH traded is equivalent to $2.6 million.
Fantasm’s altcoin price dropped drastically
Fantasm developers, in a follow-up tweet, said some of their FTM collateral had been “white hacked”, leveraging a protocol to flag security concerns, or in this case, He said it was a process that meant recovering tokens at risk of being hacked. Launched earlier this month, Fantasm Finance is a decentralized finance (DeFi) project aimed at developing synthetic tokens for the Fantom ecosystem. Fantasm developers said they are working on a compensation plan for affected users.
Meanwhile, the price of the FSM token dropped from $15.33 to $3.68. With the news of the hack spreading, FSM has experienced a 66.2 percent drop in the last 24 hours.
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