SpiritSwap was hacked to lose its domain name, FTM made investors “dismayed”.

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2022-05-19 02:56:35

The entire crypto market has been affected in no small part by the collapse of Terra. The past few days, altcoins are experiencing a value rally. However, one of them, Fantom (FTM) has not been able to make investors less worried.

May 14 saw the FTM token plummet and all efforts to recover the previous day’s price went up in smoke.

FTM . “alarm” status

After a period of near peak growth 45%FTM only trades at 0.43 USD on Sunday. Arrive 3:00 PM On the afternoon of May 16, FTM is currently only fluctuating up and down 0.34 USD.

FTM/USDT price chart at 3:00 PM on May 16

It is worth noting that one of the top 10 protocols on the Fantom blockchain, the decentralized exchange (DEX) SpiritSwap has been attacked by hackers, losing the GoDaddy domain name.

In the process, the hacker copied codebase of SpiritSwap and change the parameters. Thereby, they took ownership of all the swaps directly to his wallet.

Fortunately, before the hacker could carry out the whole plan, this DeFi protocol detected and closed the website immediately. Users have been instructed not to perform any swap operations, despite having stolen approx $18,000.

“The domain name was taken. Hacker has versioned our website on root domain. The website the hacker created sends the swaps to his wallet. We were unable to access the domain name to take down the site. There are no problems with smart contracts. The money is safe now but the domain is not,” SpiritSwap tweeted.

Fantom team’s solution

To prevent this from happening again, the team said that in the event that control of the domain is not regained, Spiritiswap will switch to the new domain and re-enable the swap routing.

However, the FUD sentiment from the community has caused FTM to lose its 45% gain and is now 14% below its May 13 high.

As a result, FTM is sliding deeper into the oversold zone as the DeFi chain lost over $2 billion in 10 days.

Total value of key assets (TVL) on Fantom.  Source: Defillama
Total value of key assets (TVL) on Fantom. Source: Defillama

Even to shake off the fear and hope of selling at a high on May 13, investors sold 53 million FTMs worth $15.9 million, while total on-chain transactions reached 200 million FTMs. , which is the highest that the Fantom network has since September 2021.

Luck made FTM continue to add 88,000 investors. But, if the FTM price doesn’t recover quickly and continues its downward move on the chart, this selling period could lengthen and drive investors out of the market.

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