Twitter becomes ground zero for FTM scams

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.

Timeline of Fantom

As the cryptocurrency segment is recovering from another nine-digit hack of the bridge infrastructure, malefactors are already trying to scam its victims for the second time. Despite Elon Musk allegedly cracking down on Twitter bots, they managed to activate thousands of accounts to promote scams.

A significant vulnerability has been exploited in the Multichain Fantom Bridge, resulting in the theft of millions of dollars worth of crypto assets. Hackers used a smart contract vulnerability to dump various cryptocurrencies, including WBTC, USDC, DAI, and WETH.

Fantom (FTM) price has been experiencing a dip in the past few days. This fall appears to have worsened in the last 24 hours due to FUD (fear, uncertainty, and doubt) spreading amongst investors.

Key Points: Fantom Foundation has provided reassurance to FTM token holders, addressing concerns related to Multichain's issues. The foundation stated that FTM tokens, including those on wFTM, FTM ERC-20, and Opera, have never been released or managed by Multichain, ensuring their immunity from any potential impact.

On Thursday, July 6, the multichain bridge witnessed abnormally large outflows in what seems to be a multi-million dollar exploit of the platform. A few hours later, Multichain protocol announced that they have suspended the operations.

LayerZero Labs introduces USDC, USDT, WETH, and WBTC to Fantom with support from the ecosystem, bringing stability and longevity for projects, bridging available via Stargate Finance.

LunarCrush named Fantom [FTM] as the coin of the day based on its social and market performance. However, traders may still need to stay cautious despite all indicators in favor of the altcoin.

As the crypto market enters a new phase, the stage is set for a potential bull run driven by the increasing wave of institutional adoption. The recent surge in interest from major financial players has infused a renewed sense of optimism among crypto enthusiasts.

Fantom (FTM) has been underperforming in the past few months, shedding virtually all the profits gained at the beginning of the year. However, the bulls seem to be back in control, as the cryptocurrency price indicates increased buying pressure.

Introduction This report provides an analysis of Fantom (FTM/USD) based on the latest data as of 19 June 2023. The analysis includes a review of the current price, volume, bid/ask prices, day's range, technical indicators, and moving averages.