Phantom Blockchain succumbed to another hack in the decentralized finance (DeFi) market, causing severe depreciation of the altcoin project’s native token, FTM.
The altcoin price fell sharply after the attack
The native token of the platform, FTM, saw a sharp decline during the day to $ 0.2985, however, it managed to partially recover afterwards. On the other hand, coupled with the crypto crash that is currently wrecking the market, the token has lost more than half of its value in the past few days. The altcoin was trading at $0.3469 at the time of writing.
FTM daily price chart / Source: CoinMarketCap According to SpiritSwap, an exchange on the Phantom Blockchain, it has been hacked. In a statement made by the platform, malicious actors managed to steal approximately $18,000 during the breach. The breach caused the platform to pause activities to allow them access to the status and prevent further losses.
URGENT ANNOUNCEMENT
SpiritSwap has been compromised. At this stage early diagnosis is suggesting a hacker has exploited AWS where they have changed the swap parameters so swaps go to a specific address. We have caught this early and at this time only $18,000 has been lost.
— SpiritSwap (@Spirit_Swap) May 13, 2022
Although the hack on SpiritSwap can be classified as one of the smallest on the market, Phantom It shows how simple its security architecture is among other Blockchains. To illustrate a perspective, let’s state that this hack is the fourth hack to occur on Blockchain in the past three months. The last one involved Deus Finance, and the hackers stole more than $13 million.
Crypto platforms hacked after GoDaddy breach
The first attack on Phantom in the last three months, which saw the platform’s security lead hackers to steal $2.6 million It was the attack involving Fantasm. After that, Deus Finance was attacked for the first time. The growing success of attacks on platforms on the blockchain has caused investors to flee the project. According to experts, the native token FTM has lost more than 86% over the year as proof of this.
SpiritSwap was not the only crypto project to witness a hack where a flaw in the GoDaddy hosting platform resulted in other crypto platforms being hacked. As will be remembered from the news of Cryptokoin.com , one of the most popular victims of the attack is Polygon-based QuickSwap. The activities on the platform were also stopped in order to find the perpetrators. However, it was stated that users should not panic as their funds are still securely stored. While the exact scale of the attack has not been determined, there is consensus that hackers breached the GoDaddy account recovery process to hit the platforms.
