DeFi protocol Fantasm Finance lost $2,6 million due to vulnerability

The project team promised to consider all options to compensate users for damages

10.03.2022 - 12:35

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What’s new? Fantasm Finance, a synthetic asset network, was attacked, losing 1007 ETH ($2,63 million at the exchange rate on March 10). The project team announced on Twitter that it was hit by hackers due to a vulnerability in the DeFi protocol. The developers of the network promised to consider all possible ways to compensate users for the loss.

Source: Twitter.com

What is known about the hack? Due to a vulnerability in the protocol, the hackers were able to mint native tokens from the XFTM platform using a small number of other coins. They then converted the currency into ETH and used the Tornado Cash service to disguise the transactions to hide traces of the withdrawals.

Over the past year, cases of hacking attacks on DeFi protocols have become more frequent. In February 2022, the Wormhole network lost $320 million in the hack of smart contracts.

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