Layer-1 protocol Fantom (ticker symbol FTM) got caught up in the fallout from a poorly worded — and SUS — tweet. Fantom’s FTM token appears to be recovering. Covered: Fantom “Terminated” FTM Back From The Dead Fantom “Terminated” 1/ As many of you are aware, Anton, who works with Andre, tweeted that they were “terminating” […] The post FTM Back From The Dead After ‘Termination’ appeared first on CryptosRus.

FTM Back From The Dead After ‘Termination’

Layer-1 protocol Fantom (ticker symbol FTM) got caught up in the fallout from a poorly worded — and SUS — tweet. Fantom’s FTM token appears to be recovering.

Covered:

  • Fantom “Terminated”
  • FTM Back From The Dead

Fantom “Terminated”

On Sunday, news broke out that Andre Cronje was exiting the cryptosphere. “Andre and I have decided that we are closing the chapter of contributing [sic] to the defi/crypto space,” Anton Nell, a business partner of Cronje tweeted. “There are around ~25 apps and services that we are terminating on 03 April 2022.”

Cronje is considered a DeFi godfather of sorts having been involved with several big projects like Yearn Finance and Fantom. For whatever reason, the supposed godfather’s business partner chose to use the word “terminate” to describe them ending their relationships to the project. Shorters will be forever grateful.

Thanks to the odd wording, Fantom’s FTM token saw a rather aggressive move after news broke out. The token fell from its Saturday high of $1.71 USD to a Sunday low of $1.30. However, the smart contract protocol has since rebounded. FTM now finds itself trading in the $1.45 range as of press time.

Recommended: How To Get On Fantom DeFi

FTM Back From The Dead

FTM’s rise from the ashes is likely attributed to Fantom’s CEO Michael Kong speaking out about the ties to Cronje.

“As many of you are aware, Anton, who works with Andre, tweeted that they were “terminating” 25 projects,” the CEO said via Twitter. “This was misunderstood. They are “terminating” their involvement, but handing over anything they run to the existing teams.”

Kong added, “As for the @fantomfdn, nothing changes operationally. All the core and middleware developers are working hard on the next updates.”

Kong’s stating of the obvious underlined the fact that Cronje and his business partner’s involvement doesn’t rise to the level of being able to “terminate” an entire project. Someone like Kong saying that would be actually worrisome.

Recommended: Three Fantom DeFi Projects To Keep Tabs On

 

 

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