Is Fantom (FTM) Scam or Legit Broker?

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Fantom (FTM) scams have skyrocketed in recent years. There are some people on the Internet who believe that Fantom (FTM) is a scam. Is it the truth or just a rumor? This review will help you to get the answer about Fantom (FTM).

Fantom is the native cryptocurrency of a smart contract blockchain network by the same name that rivals Avalanche, Solana and incumbent market leader Ethereum. It’s known for its high speeds and low costs. However, Fantom (FTM) had problems with their security and we also have found many scam accusations against the project in several social media.

Fantom (FTM) was hacked​

Blockchain networks Polygon and Fantom (FTM) suffered a hijacking of Ankr's domain name system (DNS) attack in June 2022 that directed users to malicious websites created to steal the keys to their digital wallets. Ankr firm can’t determine whether any users fell victim to the phishing attack though no users’ funds were compromised.

The exploit began with a trick that targeted Ankr’s centralized entity when the perpetrator reportedly deceived a third-party DNS provider into giving the hacker access to Polygon and Fantom’s domains. Ankr’s web service provider named Gandi was reportedly tricked by the hacker’s fake identity, thus agreeing to change the email address for the domain registrar account.

By this means, users who had accessed the blockchains through Ankr’s endpoints would receive a phishing phase that asked them to urgently reset their seed on PolygonApp. The hackers could steal their funds by having affected users’ seed phases.

Fantom (FTM) is a scam ICO​

The website Coincurb provides an aggregation of claims cited against Fantom. It claims that Fantom (ICO), Fantom’s token, or Fantom’s team are externally sourced:​
  • Fantom did an ICO and then exit scammed​
  • Fantom has an undedicated project development after the Fantom ICO​
  • Fantom token got pumped and dumped by the Fantom team​
  • Fantom is a dead project with a worthless Fantom token​

Fantom (FTM) does not regulated​

Fantom (FTM) claims to have a license by the International Financial Services Commission. But as per our research, it is one of the brokers that has no license from any government regulatory agency that proves it to be a non-regulated broker.

What do people say about Fantom?​

Surprisingly, different from scam accusations from crypto bloggers we have presented above, Fantom is believed to be a legit coin by Reddit users. An author named Akash Jain explained why he thinks FTM is a reliable coin as “FTM is a proof-of-stake (PoS) token which in fact exists in several incarnations. The platform's compatibility with Ethereum means that users can purchase an ERC-20 standard FTM, which is automatically converted to native FTM once received to their wallet. FTM is a short trading coin, and profit can be earned easily; it's available on wazirx, Binance and several other exchanges”.

What do you think about the coin Fantom (FTM)? Do you agree that Fantom is scam as crypto bloggers or Fantom is legit as a Reddit user? We are looking to hear from you soon. Thanks for reading.

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