Fantom Foundation Wallets Drained, More Pain For FTM Holders As Prices Tank

Two Fantom Foundation wallets on Ethereum and the Fantom Network have fallen victim to a phishing attack, losing over $650,000, according to reports from CertiK, a blockchain security firm. Another report by “Spreakaway” on X alleges that one of Fantom's team members also lost $3.4 million.

Timeline of Fantom

Fantom continues to innovate despite facing challenges in its DeFi ecosystem. With planned technical upgrades and a focus on growing its developer community, the network aims for a robust and diversified blockchain ecosystem.

In a recent revelation, controversial crypto entrepreneur Andre Cronje clarified his association with the Fantom project, stating that he never really left the foundation. This comes after a period of speculation and uncertainty surrounding his role at Fantom, which had significant impacts on the token's price.

A widely followed crypto strategist says he has his eye on one low-cap altcoin that he believes is setting up for a move to the upside. Trader Michaël van de Poppe tells his 661,000 Twitter followers that the decentralized machine learning network Fetch.

Key Points: South Korean cryptocurrency exchange Bithumb has recently revealed its plan to list three prominent digital assets on its platform. The exchange announced the inclusion of the Korean won fiat currency market for Apecoin (APE), Render Token (RNDR), and Fantom (FTM).

The Fantom network, once viewed as a strong contender in the realm of smart contracts, is currently grappling with unforeseen challenges. Co-founder Andre Cronje provides an unvarnished account of the issues that have recently plagued the platform, as its total value locked (TVL) has experienced a significant decline.

The cross-chain protocol Multichain experienced a major setback that has significantly disrupted decentralized finance (DeFi) activities on Fantom. Since the onset of Multichain's issue in May, Fantom Foundation has been striving to reassure users about its association with the protocol.

Andre Cronje, the co-founder of Fantom, painted a grim picture of the state of the smart contract platform, following the controversial demise of Multichain. He labelled Multichain's downfall as a “massive setback” for Fantom, which has recently witnessed a significant decrease in activity due to Multichain's issues.

Fantom Foundation is acting in a proactive manner following the latest update from the embattled Multichain protocol. According to Fantom Foundation, it has requested the top stablecoin issuers, including Circle (USDC), Tether Holdings Ltd.

The ongoing disruption of the Multichain protocol through hacks and forces majeure is pushing the Fantom Foundation to explore alternative chains to power its operations. Taking to its official Twitter handle, Fantom Foundation said it acknowledges the difficult position that the current hack on Multichain has put Liquidity Providers (LPs), token holders and general users of the protocol in.

Online environments, like Twitter, are increasingly becoming a dangerous landscape, fraught with fraudulent schemes aimed at unsuspecting victims. In recent times, Twitter has transformed into the epicenter of deceitful activities, with cybercriminals employing new tactics to exploit its massive user base.