Domain hacks plummet the entire cryptocurrency

Domain hacks are getting more frequent than ever. The pandemic enflamed the already burning cases of scams. However, one Cryptocurrency has been the target of attacks, way too many times. And it’s showing in its valuations. 

Fantom (FTM) has also been facing the brunt of ongoing crypto falls. The cryptocurreny’s’ value has been continuously depreciating. The coin is currently trading at $0.3384. This comes after FTM had attained a growth of 45%.

The companies related to FTM have been facing frequent hacks into their system. Earlier, Deus Finance had lost $13 million in an online fraud. Similarly, another company working with FTM, Fantasm, had lost $2 million

Recently another FTM platform SpiritSwap too became prone to attack. However, the company was able to detect it in time. This detection reduced the extent of damage as the company lost $18,000 to the hacker. 

The crumble of cryptocurrency has had an impact on the FTM. But the lack of trust among investors towards the currency has led to a fall in the coin’s value.


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