Fantom-Based SpiritSwap Heads For Shutdown
According to a message posted on Aug. 9 on its Telegram channel, SpiritSwap, a Fantom-based decentralised exchange (DEX), is winding down operations after Multichain’s (MULTI) attack emptied its treasury of all funds.
Due to their inability to successfully manage the cross-chain protocol’s operation and contact CEO Zhaojun, the Multichain team closed it on July 14. The protocol had previously been attacked for $126 million, the majority of which was taken via its Fantom Bridge.
SpiritSwap, a top 10 DeFi protocol on Fantom (FTM), is facing a strategic shutdown due to a Multichain hack that left its treasury drained and unable to finance essential aspects of its operation the platform stated. The DEX plans to seek a new team to assume project control and close operation by September 1. With this action, users who might withdraw their liquidity before to the suspension will not experience any disturbance.
(With inputs from Shikha Singh)
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