Phantom Blockchain’s native altcoin FTM, one of the largest decentralized exchanges (DEX) suffered a sudden drop after someone was hacked.
FTM price has lost 23.77% in the last 24 hours and is trading at $0.30 at the time of this writing. With the losses experienced today, the altcoin has lost more than half of its value this week.
SpiritSwap, one of Fantom’s largest DeFi exchanges, confirmed in its official statement that their platform was attacked.
Although the loss amounted to a meager $18,000, the exchange had to cease operations to prevent the theft from continuing.
SpiritSwap still does not allow any transactions on the stock market at the time of this writing.
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
There Have Been Four Phantom Hacks In The Last Three Months
While the attack on SpiritSwap was limited in size, it was the fourth major attack on the Phantom network in the last three months.
In April, the Deus Finance platform was targeted, resulting in more than $13 million in losses.
The Deus Finance platform was similarly the victim of attacks in March. Previously, Fantasm, an FTM-based protocol, lost $2.6 million as a result of an attack.
After the attacks, the FTM altcoin has lost 86% of its value so far in 2022.
SpiritSwap Hack Was Part of a Bigger Attack on Altcoins
SpiritSwap wasn’t the only project hit by attacks this week. Due to a vulnerability from domain hosting provider Godaddy, several major cryptocurrency It has been determined that the project has been attacked more.
Among those attacked was the Polygon-based decentralized exchange QuickSwap.
This exchange suspended swap transactions to prevent funds from being stolen. According to the platform, user funds and liquidity pools were not damaged by the attacks.
Allegedly, the hacker who carried out these attacks may have taken control of some DeFi websites using Godaddy’s account recovery method.
*Not investment advice.