Tuesday, December 6, 2022

Fantom’s Crypto Is Crashing Today And Here’s Why

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Fantom’s crypto is crashing today and It is about 79% of its high last October so let’s read more in today’s altcoin news today.

Fantom’s crypto FTM Is seeing some major sell-off in today’s trading and the crypto was down by 16.5% over the past day. Almost every non-stable coin token among the top 100 coins saw substantial sell-offs over the past day but the FTM token has been the biggest loser on the market. In addition to sell-off momentum which affected the crypto market at large, Fantom’s crypto seems to be losing some ground because of the exploitation of the DEFI application which runs on the blockchain.

With a multitude of economic and geopolitical risk factors that make markets jittery and most investors have been selling out of crypto and otherwise taken money off the table. The bearish momentum has shaped the market at large over the past week of trading and it is not surpassing to see the tokens that saw negatives and now see larger pullbacks. The news also emerged on April 28 that a hacker had stolen about $13.4 million from the Deus Finance app which runs on the Fantom blockchain network, following up on a $3 million theft that happened in March.

ftom token
FTM 24-hour Price Chart (Source: Coingecko)

The Fantom blockchain was built around enabling fast and low-cost transactions and attracted more support as a potential rival to ETH but it looks as the exploits of Deus Finance prompted security concerns and the FTM token is now going down by 34% in the past week of trading. Without some more details on the Deus Finance hacks, it is hard to know whether the exploit indicates weaknesses in the app especially if the thefts were possible because of the issues with the Fantom network. It seems that some FTM whales that are leaning towards the scenario and the crypto could see bigger selloffs if weaknesses in the underlying blockchain are confirmed or become broadly suspected.

As recently reported, The decentralzied finance application Deus Finance got exploited for the second time with the attacker gaining more than $13.4 million of cryptocurrency during the early Asian Hours with the security researchers at PeckShield saying the exploit occurred on the Fantom network. The Deus protocol allows developers to build financial services like futures trading, lending, and options on the paltform.

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