what happened
phantomof ((((FTM -18.78%). FTM tokens are showing big sold out in today’s trading. Cryptocurrencies were down about 16.5% compared to the last 24 hours at 2:45 pm ET on Saturday.
Almost all unstable coin tokens in the top 100 cryptocurrencies have sold out significantly in the past day, but FTM was the biggest loser in the entire cohort.In addition to the sold-out momentum affecting the entire crypto market, Fantom’s cryptocurrencies appear to be losing ground due to the exploitation of decentralized finance. (DeFi) An application that runs on the blockchain.
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So what
Due to the numerous economic and geopolitical risk factors that destabilize the market, many investors are selling out cryptocurrencies and otherwise stealing money from the table. The bearish momentum has shaped the entire crypto market in the past week of trading, and it’s no wonder that tokens highlighting negative coin-specific catalysts see a particularly big pullback.
Following the $ 3 million theft that occurred in March, news came on April 28 that hackers stole about $ 13.4 million from the Deus Finance trading application running on Fantom’s blockchain network. The Fantom blockchain is built around enabling fast, low-cost transactions and has gained some support as a potential rival. EthereumHowever, recent Deus Finance exploits appear to raise security concerns. FTM tokens have decreased by about 34% in the last 7 days of trading.
So
Without more information on Deus Finance hacks, it’s hard to tell if an exploit specifically points to a weakness in your app or if a problem with the Fantom framework could have caused the theft. However, some FTM whales now seem to be leaning towards the latter scenario, and if weaknesses in the underlying blockchain are identified or otherwise become more widely suspected, cryptocurrencies will You may see a bigger sold out.
After its recent sale, Fantom has a market capitalization of approximately $ 1.9 billion, ranking it as the 50th largest cryptocurrency overall.
