One hack potentially destroyed whole network
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The aftermath of the hack has been devastating for Fantom. The TVL data, a critical metric to gauge the health and adoption of DeFi platforms, is currently inaccessible, suggesting potential data integrity issues or a significant drop in user confidence. This lack of transparency further exacerbates concerns surrounding the platform.Fantom's native token, FTM, has also faced the brunt of the hack. Currently trading at $0.
The Multichain hack serves as a grim reminder of the challenges and vulnerabilities inherent in the DeFi space. While the promise of decentralized finance is revolutionary, the road to its mainstream adoption is fraught with hurdles. Security breaches of this magnitude not only harm the affected platform but also cast a shadow over the entire ecosystem.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.
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