Fantom (FTM) Dives as Andre Cronje Acknowledges Multichain Failure – VC Spectra’s (SPCT) Innovation Grants Investors Exactly What They’re Looking For
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The past few weeks have not been favorable to Fantom (FTM) as users seem to be deserting the token due to its affiliation with Multichain.
Due to this Fantom’s (FTM) price has drastically reduced marking a sad time for its investors.
On a brighter note, VC Spectra (SPCT) seems to be giving investors what they want as the VC Spectra (SPCT) presale heads to Stage 2.
BUY SPCT TOKENS NOW
The Fantom (FTM) network has had it rough over the past couple of weeks.
On July 15, 2023, the Fantom network’s co-founder, Andre Cronje, said on the Fantom (FTM) forum that Multichain was a big blow to FTM which exercised a significant downtrend in the past few weeks.
Prior to this, Multichain had announced on July 14, that it was closing due to the arrest of its CEO, Zhaojun, in May, 2023.
Following the arrest of its CEO, Multichain was exploited on July 6, with over $125 million worth of cryptocurrencies taken from numerous wallets, affecting the Ethereum side of the Fantom (FTM), Moonriver, and Dogechain bridges.
The exploit had a knock-on impact on the lending protocol Geist Finance which was running on the Fantom (FTM) network.
Geist was forced to shut business permanently due its losses from the Multichain exploit, which was approximately $29 million worth of crypto assets.
Due to Fantom's (FTM) association with Multichain, users have been depositing FTM to CEX to avoid the Fantom (FTM) protocol, which is negatively affecting the price of Fantom (FTM).
Currently, Fantom (FTM) is trading at $0.25, a 19.35% decline from its $0.31 price on July 13, 2023.
VC Spectra (SPCT), a decentralized hedge fund has been appealing to the crypto
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