Fantom (FTM) Faces Challenges Amid Multichain Hack
Recent reports suggest that Fantom (FTM) has experienced intense selling pressure following a Multichain hack. Hacks and theft are relatively common in the crypto industry, but they still have a substantial impact when they happen. Fantom’s Multichain, a vital bridge network, fell victim to a hacking attack that resulted in a theft of $125 million. Furthermore, Multichain’s founder was arrested only a few weeks earlier, and the authorities seized his crypto wallets. As a result, Fantom’s ecosystem has suffered quite a bit, with token holders feeling extraordinarily uncertain and unwilling to take risks.
Fantom DEX Forced to Shut Down
The arrest of the Multichain CEO, followed by the hack of the network, has left the Fantom community in a bad state. However, the situation escalated even further when the Fantom DEX was forced to shut down after the hack. Known as SpiritSwap, the DEX was once considered an integral part of the Fandom network. However, on August 9, the DEX decided to stop working. The platform’s community has taken the news harshly, with many saying it is “an end of an era.” They are now looking for a team to hand things to. Otherwise, operations will cease on September 1.
Fantom Token Price Drops
With all the adverse events surrounding Fantom and its token, FTM, the token’s price drop is no surprise. Fantom’s YTD peak was on February 4, when it climbed to $0.63, right around when crypto winter ended. Since then, bearish waves have brought it down to $0.24 over the next several months, and it found itself at this level in mid-June. Following the drop, FTM recovered to $0.30 in late June and early July. But, the price sank again when the adverse events started lining up. FTM lost around 20% of its price in the last 30 days alone.
XRP20 Presale Raises Over $2.5 Million
While Fantom is surrounded by uncertainty and risk, the new Ethereum-based XRP20 token has attracted massive interest and a lot of money. Selling for $0.00092 per token, XRP20 has already managed to raise $2.75 million. The presale will last until the soft cap is reached. However, since the soft cap sits at $3.68 million, it should not be long before the token sale is concluded. This is the last chance that potential buyers have to join in. Anyone seeking to participate in the presale can do so with BNB, USDT, or ETH. The token itself was launched to reignite the passion of the XRP army on Ethereum.
Hot Take
The recent Multichain hack and the shutdown of the Fantom DEX have undoubtedly had a negative impact on Fantom’s ecosystem and token price. However, amidst the challenges, the XRP20 token has managed to attract significant interest and funding. It remains to be seen how Fantom will recover from these setbacks and whether the launch of XRP20 will bring new opportunities to the network.
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