- When the hack occurred, FTM’s TVL was at a two-year low.
- At the time of writing, FTM’s daily chart was green and the indicators looked bullish.
Phantom [FTM] fell victim to a multichain attack a few months ago, sending TVL down to a new low. Now, FTM has released an official statement giving new updates on the episode.
Read Fantoms [FTM] Price prediction 2023-24
FTM bulls entered the market following the network’s statement, driving the token’s price up by a significant margin over the past 24 hours.
Everything about the Fantom multichain hack
On July 7, 2023, the Fantom multichain bridge was hacked, resulting in the loss of $126 million in cryptocurrency. The attacker is said to have exploited a vulnerability in the bridge’s code to withdraw funds.
When the multichain learned of the hack, the bridge was immediately closed and users were urged to cancel any contract approvals involving it. The hack also resulted in a massive downfall of blockchain DeFi.
To be precise, after the episode, FTM’s TVL dropped by more than 60%, hitting a two-year low. However, later things started to normalize.
On September 29, Fantom posted an official statement revealing details about the hack. Notably, the network has engaged a leading blockchain intelligence firm called TRM Labs to conduct an independent investigation into the incident.
The statement further said that this will speed up the process of tracing and recovering funds from FTM users.
Fantom Foundation statement on multichain incident pic.twitter.com/K4RtpTXzuw
— Fantom Foundation (@FantomFDN) September 29, 2023
There are Fantom bulls
As the blockchain released the statement, FTM bulls entered the market and drove up the price of the token. According to CoinMarketCapThe price of FTM has risen by more than 4% in the past 24 hours.
At the time of writing, FTM was trading at $0.1995 with a market cap of over $559 million.
The good news was that FTM’s trading volume also increased along with the price, which looked promising. Thanks to the price increase, the token’s price volatility has also increased significantly in recent days.
FTMCurrency outflows also spiked quite a few times last week, which was a positive development.
Source: Santiment
Realistic or not, here it is The market capitalization of FTM in terms of BTC
A look at the token’s daily chart provided a better understanding of whether FTM could maintain its uptrend in the coming days. Most market indicators remained bullish, suggesting that the token’s price could rise further.
For example, the MACD showed a bullish upper hand on the market. Both FTM’s Relative Strength Index (RSI) and Money Flow Index (MFI) recorded increases, further increasing the chances of a continued uptrend.
Source: TradingView
