The impact of Terra\u2019s<\/a> downfall continues to send shockwaves across the crypto space with altcoins trying to recover from the Crash of 9 and 11 May. Most of the altcoins have somehow managed to look north, however, one that has completely failed is Fantom<\/a>. <\/span><\/p>\n The cryptocurrency went south on 14 May and invalidated all attempts of recovery made on 13 May.<\/span><\/p>\n After climbing the charts by almost 45% at its peak, FTM was trading at $0.43 before being taken down by the developments in its ecosystem.<\/span><\/p>\n Fantom price action <\/em> | Source: TradingView \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n It\u2019s worthy to note here that one of the top 10 protocols on the chain, SpiritSwap, a decentralized exchange, became the victim of a major hack as the protocol\u2019s domain was hijacked due to an exploit in GoDaddy.\u00a0<\/span><\/p>\n In doing so, the hacker copied SpiritSwap\u2019s codebase and, in the process, changed the swap parameters. This enabled the hacker to receive all the swaps directly into his wallet. <\/span><\/p>\n But before the exploiter could execute their plan, the DeFi protocol recognized the exploit and shut the site down immediately, instructing users not to conduct any swaps as about $18k was already lost.<\/span><\/p>\n 3\/ \u2013 Domain taken <\/p>\n \u2013 Hacker has created their own version of our site on the original domain <\/p>\n \u2013 The site the hacker has created sends swaps to his wallet <\/p>\n \u2013 We cant access the domain to take the site down <\/p>\n \u2013 No issues with contracts <\/p>\n \u2013 Funds are safe, domain is not<\/p>\n \u2014 SpiritSwap (@Spirit_Swap) May 13, 2022<\/a><\/p>\n<\/blockquote>\n Thus, to prevent this further, the DEX team stated that if the domain is not brought under control, Spiritiswap will move to a new domain and re-enable router swaps.<\/span><\/p>\n However, the backlash that ensued owing to the FUD witnessed Fantom lose the 45% rally and is currently 31.57% below the highest point of 13 May. (ref. Fantom price action image)<\/em><\/span><\/p>\n Consequently, Fantom is slipping further into the oversold zone as the DeFi chain lost over $2 billion in the span of 10 days.<\/span><\/p>\n Fantom total value locked <\/em> | Source: DeFi Llama \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n Even the most troubled coin after LUNA, stablecoin UST, is doing better than Fantom at the moment.<\/span><\/p>\n Furthermore, out of fear and hopes of cashing out at FTM\u2019s high on 13 May, investors ended up selling 53 million FTM worth $15.9 million, while the overall transaction on-chain ended up touching 200 million FTM, this was the highest the Fantom network had seen since September 2021.\u00a0<\/span><\/p>\n Fantom transaction volume <\/em> | Source: Intotheblock \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n Fortunately, Fantom continues to have over 88k investors. <\/span><\/p>\n But, if the altcoin does not recover soon and keeps falling on the charts, this selling could increase further, and the network might even witness investors exiting the market.<\/span><\/p>\nFantom is looking scary<\/h3>\n
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