Fantom (FTM), the native token on the blockchain of the same name, fell sharply after one of its largest DeFi exchanges (DEX) was hit by a hack.

FTM has fallen more than 15% in the past 24 hours and is now trading at a nine-month low of $0.322552. Saturday’s losses have seen the token more than halved in value this week in the wake of a crippling crypto crash.

SpiritSwap, one of Fantom’s largest DeFi exchanges, said it platform has been compromised† The platform said about $18,000 had been stolen, though it had to cease operations to prevent further theft.

SpiritSwap is still not processing transactions, as of the time of printing.

Fourth Fantom hack in three months

While the scope of the attack on SpiritSwap may seem limited, it is Fantom’s fourth major hack in the past three months. In April, Deus Finance was attacked in flash loans costing the platform more than $13 million.

Deus was also exploited in March. Before that, another FTM-based protocol, Fantasm, lost $2.6 million through an exploit.

The series of attacks had seriously undermined investor confidence in FTM, with the token now falling 86% so far in 2022. Like its price reaction on Saturday, FTM has seen significant losses with each hack.

SpiritSwap hack part of wider attack

SpiritSwap was far from the only project under attack this week. A vulnerability in domain hosting platform Godaddy appears to have compromised several major crypto projects.

Of these, Polygon-based DEX QuickSwap was one of the more notable victims. The exchange has now suspended swaps to prevent even more money from being stolen. But it said user funds and liquidity pools are safe.

The full extent of the stolen funds is currently unclear. Since several crypto projects use Godaddy, the full scope of the attack is currently unknown.

There is speculation that a hacker may have used Godaddy’s account recovery method to hack into accounts from multiple defi websites. I hear even Etherscan could be compromised.

-Polygon founder Sandeep Nailwal

Several other major crypto platforms were also attacked on Friday in a phishing attempt. CoinGecko, EtherScan and Dextools warned all users about malicious pop-ups encouraging them to connect their wallets.

With over five years of experience in global financial markets, Ambar plans to leverage this knowledge for the fast-growing world of crypto and DeFi. His main interest lies in finding out how geopolitical developments could affect crypto markets and what that could mean for your bitcoin holdings. When he’s not scouring the internet for the latest news, you can play him video games or watch Seinfeld reruns. You can reach him at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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