Fantom

<ul><li>Multichain&#96;s hack has caused significant disruptions in the Fantom ecosystem.</li><li>Analysts questioned the fate of Fantom Foundation and its native token, FTM.</li><li>The Multichain hack reportedly prompted Binance to suspend deposits and withdrawals.</li></ul>Crypto analyst Miles Deutscher has recently expressed concern over the future of the Fantom blockchain ($FTM) following a severe devaluation of its assets in the wake of the recent <a href="https://twitter.com/MultichainOrg/status/1677096839731097600?s&#61;20" rel="noopener noreferrer nofollow">Multichain hack</a>. The outflow of funds, reaching up to $125 million, from the cross-chain router protocol Multichain played a crucial role in this debacle, leading to an unforeseen depreciation in crypto assets value, primarily on the Fantom blockchain.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9c2ea65a516841eebf29b135d2c00b33.png" />The recent disturbances within Multichain have significantly affected the Fantom network, disrupting the regular trading values. This, in turn, has crafted an optimal atmosphere for <a href="https://twitter.com/wublockchain12/status/1682587327158419457?s&#61;20" rel="noopener noreferrer nofollow">arbitrage trading</a>, an opportunity for traders to profit from price discrepancies of the same asset in different markets.One stark example of this is the USD Coin (USDC), a cryptocurrency tethered to the value of the US dollar. In the aftermath of the Multichain complications, the value of USDC on Fantom reportedly took a significant hit, dropping to as low as $0.50 — a considerable divergence from its usual dollar-pegged price.Read full article at<a href="https://cryptotale.org/crypto-analyst-ponders-over-fantoms-fate-post-multichain-hack/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Crypto Analyst Ponders Over Fantom's Fate Post-Multichain Hack

CryptoTale

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