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First Algorithmic Stablecoin Tomb Finance Denies Possible Hack

First Algorithmic Stablecoin Tomb Finance
  • Tomb.finance denied a possible hack and exploit of its funds in series of tweets.
  • Rumors say Tomb finance had a massive exploit and lost about $8-10 million

Tomb.finance, the first algorithmic stablecoin on Fantom Opera, denied a possible hack and exploit of its funds in series of tweets.

The company retweet an announcement made by one of its spokesmen. According to the statement, there was no hack and no funds stolen. Additionally, the team said that this was not a rug.

Even more, the Tomb Finance team said that they are there for the community and ready to keep building. What is more, the group admitted that there was an exploit to the gatekeeper tax. But there were constantly targeted by FUD campaigns that caused a downward spiral of panic selling.

Additionally, the firm said this was a gatekeeper exploit, but

it was already set to be disabled as part of a governance vote in the coming months.

The announcement came amid rumors saying that Tomb Finance had a massive exploit on its platform, losing about 8-10 million. DeFi Signals, a Twitter account posted today,

Tomb finance, one of the major DeFi platforms on Fantom had a massive exploit and lost about $8-10 million. The exploit was in their tax gatekeeper. Someone created a way to sell tomb without being taxed which triggered a massive sell-off. Tomb price lost almost 70%.

In addition, Fantom Foundation also posted on its Reddit that Tomb.finance has lost most of its value. Moreover, Fantom added that users’ tombs and tshare are almost worthless now. “Get out while you still have a Fantom or two left”, Fantom said, adding that “developers banned discord members warning others to get out before they lose funds.”

Further, the team stressed that Tomb Finance blames “fud” for missing funds instead of taking responsibility for their wrongdoing. Besides, this, Fantom Foundation didn’t hold anything back. The team said, “the devs of tomb finance were always jerks. But this is just plain nasty.” As a result, many people “got rekt.”

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.