- SpiritSwap, pioneering DEX on Fantom Opera Chain, announces winding down its operations.
- Community has until September 1 to withdraw liquidity.
- SPIRIT price drops by 36% in 24 hours to $0.0008 from $0.0012.
In a letter addressed to the SpiritSwap Community, the pioneering decentralized exchange (DEX) built on the Fantom Opera Chain, SpiritSwap, has officially announced its decision to wind down operations and begin the search for a new team to take the reins.
As per reports from X (formerly Twitter) user Fantom Ecologist, the current team at the forefront of this DeFi pioneer is actively seeking a suitable replacement to carry forward the platform’s operational responsibilities. The letter states:
Right now, we are looking for a team to hand over SpiritSwap and will be happily assisting them in their transition period if they’d like to take control/responsibility during this period.
Community members have until September 1 to safely remove their liquidity from the platform. A guide will reportedly be provided by SpiritSwap to help users withdraw their SPIRIT dregs.
InvestorsObserver, a reputable source for market analysis, flagged SpiritSwap as high-risk on the day of the announcement. The assessment considered the amount of capital required to influence SpiritSwap’s price based on recent fluctuations in trading volume and market capitalization.
Over the past 24 hours, SpiritSwap’s price experienced a notable decline of 36%. The token, which had been trading at around $0.0012, plummeted to $0.0008 following the announcement.
The decision to shut down SpiritSwap comes as a response to the project’s financial struggles, exacerbated by recent events that have cast a shadow over its operations.
Notably, the project fell victim to the Multichain hack on July 6, resulting in the loss of $127 million worth of locked assets from various wallets, including the Fantom Bridge.
Adding to the predicament, the arrest of Multichain’s CEO and his sister by Chinese authorities led to the loss of access keys for Multichain’s MPC node servers. This subsequently led to the temporary suspension of the platform’s services.
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