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In the fast-paced world of cryptocurrencies, Fantom has been making waves as a promising blockchain platform that seeks to address critical challenges faced by the industry. With a primary focus on overcoming the trilemma of scalability, security, and decentralization, Fantom aims to usher in a new era of efficiency and sustainable growth.
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.
Fantom has been in the top league in terms of usage over the past few months. However, the token's price did not correspond, as it registered a decline.
Fantom's TVL has touched a two-year low as the Layer 1 blockchain grapples with the aftermath of the Multichain Bridge hack.
BeInCrypto looks at the five biggest crypto losers in the entire crypto market this week, specifically from July 14 to 21.
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).
Hector Network's HEC and TOR tokens, and its treasury, suffered major losses related to Multichain. The project is based on Fantom.
Fantom (FTM) creator Andre Cronje says that the recent exploit of cross-chain bridge Multichain was a massive setback for the Ethereum (ETH) rival. Writing in the community's forum, Cronje says that the Fantom team was misled about the true security level of Multichain.
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.
Fantom Foundation worried users when it responded to the Multichain problem in Telegram with its helplessness before it happened on Multichain.
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's TVL dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom's TVL topped $7.5 billion.
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.
Fantom has verified that approximately over $60M USDC and over $2M USDT have been frozen and are in the process of identifying other affected assets.
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.
The Foundation endorsed Axelar and LayerZero as alternative bridging solutions for their network following the issues with Multichain.
Cross-chain router protocol Multichain has been exploited for nearly $130 million after an attacker siphoned capital out of numerous token bridges. Multichain has been under pressure for over a month because of failing tech and its AWOL CEO.
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.
A phishing link was included in the tweet and shared with the affected users of the hack, leading them to believe it is associated with Fantom Foundation.
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.
Bitcoin (CRYPTO: BTC) moved lower, but the cryptocurrency prices remained above the $30,000 level on Friday. Ethereum (CRYPTO: ETH) also recorded losses, trading below the key $1,900 mark this morning.
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.
