The post Another Avalanche System Hack – Here Are The Implications For AVAX vs SPCT and FTM appeared first on Coinpedia Fintech News
A recent cyberattack on the Avalanche (AVAX) system has sent shockwaves through the cryptocurrency world. This breach has significant implications not only for Avalanche but also for its crypto rivals, as investors are concerned about the safety of their assets.
In this article, we delve into the repercussions of the hack on these digital assets and their respective communities. Will this event affect the Avalanche (AVAX), VC Spectra (SPCT), and Fantom (FTM) prices, and how?
Avalanche (AVAX) System Breach Unveiled: Impact on the Native Token
On February 17, 2023, two decentralized finance (DeFi) protocols on Avalanche (AVAX) blockchain were attacked by malefactors. This comes after another hack in 2021 where Avalanche’s DeFi platform, Vee Finance, suffered a $35 million hacking attack. Specifically, 8,804.7 ETH and 213.93 BTC were stolen.
The attack led the DeFi platform to suspend all services offered to users. Consequently, the platform reported that it could locate and contact the hacker.
Ultimately, a system hack on Avalanche has negative effects on the native token AVAX. For instance, During the last 24 hours, the price fluctuated between $12.90 and $13.33, closing at $13.21, marking a marginal decrease of 0.2%.
Moreover, the incident could result in a decline in confidence among Avalanche investors, thus causing short-term price volatility.
VC Spectra (SPCT): Trading Platform to Look Out For
VC Spectra (SPCT) is committed to supporting promising technology startups in the blockchain and technology space as a decentralized hedge fund. It offers unmatched security for the likes of those concerned with AVAX’s recent events.
Moreover, VC Spectra is highly appealing to potential investors who seek early-stage investment opportunities. VC Spectra rewards its investors with quarterly dividends and buybacks based on how their investments perform. Besides, VC Spectra investors get access to pre-ICOs and voting rights.
VC Spectra’s native token is built on the Bitcoin blockchain and adheres to the BRC-20 standard. Its token facilitates asset management, exchange, and decentralized trading while embracing a deflationary model with a burning mechanism that gradually reduces token circulation. This increases the value of VC Spectra.
Currently, VC Spectra (SPCT) is at its first stage of public presale and trading at $0.008. As the second presale stage approaches, it s likely to rise to $0.011, which is a whopping 37.5% surge.
Experts forecast that VC Spectra’s price will likely rise by 900% and reach its target price, $0.08, once it goes live on significant exchanges.
Fantom (FTM): Likely to Pay the Price
Although not directly targeted by the Avalanche system hack, Fantom (FTM), may experience indirect repercussions. The negative sentiment surrounding the Avalanche ecosystem following the breach of Avalanche could temporarily undermine investor confidence in the broader crypto community, including Fantom investors.
Currently, Multichain is also facing disruptions caused by hacking affecting Fantom. Based on their interconnectedness, this will have a downside impact on Fantom.
According to CoinGecko data, the token is valued at $0.272559, with a 24-hour trading volume of $83.17 M. Fantom is currently undergoing a bearish momentum of 16.57% from its seven-day all-time high of $0.3237. At the same time, this represents a 4.46% increase from Fantom’s seven-day all-time low of $0.2585.
While all might not be lost for Fantom (FTM), investors advise it might not be the best option on the market. Experts recommend you hedge yourself from crypto uncertainties by investing in VC Spectra instead.
Learn more about the VC Spectra presale here:
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