Farcana FAR suffers 60 drop following news of compromised wallet
Farcana, a blockchain-based shooter game that hosts tournaments, appears to have experienced a significant breach in its security, resulting in a steep decline of over 60% in the value of its native token, FAR.
In a post that has since been deleted, but is still accessible on the Turkish version of crypto.news, Farcana announced that one of its FAR wallets had been compromised. The game also mentioned that deposits to all centralized crypto exchanges had been frozen until the issue was resolved.
Farcana has not yet provided an explanation for the removal of the post. However, in another post, the team advised users to refrain from clicking on any links and assured them that they were working diligently to address the breach and safeguard their assets.
The extent of the attack remains unclear, but it had an immediate impact on the price of FAR, causing it to plummet by 60% to $0.015, according to data from CoinGecko.
Established in 2022, Farcana secured $10 million in seed funding from notable investors such as Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle. The game, developed on Unreal Engine 5, shares a graphical style similar to Overwatch, a popular team-based multiplayer first-person shooter game created by Blizzard Entertainment. Farcana operates under a free-to-play model.
According to Aphone CBO, for web3 games to succeed, they must prioritize quality over technological hype.
