- When the hack occurred, FTM’s TVL reached a 2-year low.
- At press time, FTM’s each day chart was inexperienced, and indicators appeared bullish.
Fantom [FTM] fell sufferer to a multichain assault just a few months in the past, which plunged its TVL to new lows. Now, FTM has launched an official assertion wherein it offered new updates concerning the episode.
Learn Fantom’s [FTM] Worth Prediction 2023-24
FTM bulls entered the market after the community’s assertion and pushed the token’s value up by a substantial margin over the past 24 hours.
All concerning the Fantom multichain hack
On July 7, 2023, the Fantom multichain bridge was hacked, ensuing within the lack of $126 million value of cryptocurrency. The attacker reportedly exploited a vulnerability within the bridge’s code to withdraw funds.
When the multichain discovered of the hack, the bridge was promptly shut down, and customers have been urged to cancel any contract approvals involving it. The hack additionally resulted in an enormous downfall within the blockchain’s DeFi.
To be exact, after the episode, FTM’s TVL fell greater than 60% because it reached a two-year low. Nevertheless, later, issues began to normalize.
On 29 September, Fantom posted an official assertion revealing particulars concerning the hack. Notably, the community has engaged a number one blockchain intelligence agency named TRM Labs to conduct an impartial investigation into the incident.
The assertion additional talked about that this can pace up the method of tracing and recovering FTM customers’ funds.
Fantom Basis Assertion on Multichain Incident pic.twitter.com/K4RtpTXzuw
— Fantom Basis (@FantomFDN) September 29, 2023
Fantom bulls are right here
Whereas the blockchain launched the assertion, FTM bulls entered the market and pushed the token’s value up. In response to CoinMarketCap, FTM’s value rose by greater than 4% in simply the final 24 hours.
On the time of writing, FTM was buying and selling at $0.1995 with a market capitalization of over $559 million.
The excellent news was that FTM’s buying and selling quantity additionally elevated together with its value, which appeared promising. Because of the worth uptick, the token’s 1-week value volatility additionally went up considerably over the previous couple of days.
FTM’s alternate outflow additionally spiked fairly just a few instances final week, which was a constructive growth.
Supply: Santiment
Life like or not, right here’s FTM’s market cap in BTC’s phrases
A take a look at the token’s each day chart gave a greater understanding of whether or not FTM may preserve its uptrend within the days to observe. Most market indicators remained bullish, suggesting that the token’s value would possibly go up additional.
For instance, the MACD displayed a bullish higher hand available in the market. Each FTM’s Relative Power Index (RSI) and Cash Move Index (MFI) registered upticks, additional growing the probabilities of a continued uptrend.
Supply: TradingView
