Hassan Maishera
TL;DR
-
FTM has lost more than 3% over the last 24 hours, underperforming compared to the broader market.
-
The poor performance comes after the Fantom Foundation’s wallet was hacked and funds were drained.
FTM Losses Over 3% Of Its Value
FTM, the native coin of the Fantom network, is down by more than 3% in the last 24 hours, making it one of the worst performers amongst the top 100 cryptocurrencies by market cap.
At press time, the price of FTM stands at $0.1775 per coin. The poor performance came after the funds were stolen from the Fantom Foundation’s wallet. Blockchain security analyst Certik revealed that the foundation wallet on FTM lost $470,000 whilst on Ethereum $187,000 was drained.
Stolen funds have been consolidated into EOA 0x0b1 which holds 4,501.48 ETH (~$7m) pic.twitter.com/IU9GKm1qyx
— CertiK Alert (@CertiKAlert) October 17, 2023
The report further added that the stolen funds have been transferred to a wallet that holds around $7 million worth of ether.
In their Telegram channel, a Fantom administrator stated that,
"There was a zero-day exploit on Chrome because of that some of the Fantom Foundation wallet got drained. Fantom losses were in the hundreds of thousands of dollars and we are actively tracking the movements of lost funds."
FTM’s poor performance comes as the broader crypto market experiences a mixed performance. Bitcoin is up by less than 1% in the last 24 hours and is trading above $28,600 per coin. Meanwhile, several altcoins have been underperforming in the last few hours. The total cryptocurrency market cap remains at $1.09 trillion.
