DeFi Exploit Costs Fantasm Finance $2.6 Million

Fantasm Finance, a Fantom Network-based synthetic assets technology, has been hacked, with roughly 1,007 ETH taken. The team stated that a post-mortem will be performed and that all compensation options for victims would be considered.

Fantasm Finance, a synthetic assets network, has been hacked, losing 1,007 ETH worth $2.6 million, the organisation stated on Twitter on March 9. The attacker’s address reveals the scope of the heist. There are currently roughly 1.8 million FTM available for redemption in the pool.

Fantasm Finance has apologised to the community and claims it is conducting an investigation with compensation possibilities. On March 10, more information will be released.

Tornado Cash was used by the attacker to conceal the transactions, according to security alert provider PeckShield. Tornado Cash is a mixing service that obscures transaction history by breaking the link between source and destination addresses.

The occurrence has obviously shocked the crypto community, and it adds to the problems that Fantom Network investors have been experiencing in recent months. For a variety of causes, the network and its connected initiatives have seen a decrease in funding. The departure of Andre Cronje from DeFi, which made news around the crypto industry, is one of the key reasons.

The Fantom Network is only getting started, with a slew of new platforms popping up in recent months. As a result, it has become a prominent target for bad actors looking to prey on new niches and networks.

Market attacks are still going on

Attacks on the crypto market have been common for a long time, and the DeFi market has been particularly vulnerable. Because new initiatives are frequently launched without completing a security examination, attackers see them as particularly attractive targets.

NFTs are also a profitable target for attackers, with NFT scams becoming more common in the last year. Such novel market sub-sectors have yet to be insured, safeguarded against, or, in the worst-case scenario, audited, leaving them vulnerable to exploitation.

Threats have been levelled against Coinbase as well. Coinbase was recently informed by a white hat hacker about a “market-nuking” exploit, which stopped it from becoming a victim. The problem was quickly fixed by Coinbase.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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