Fantasm Finance
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 18 → 50. Problems weighed by who is responsible: incidents the subject suffered −9.6, concerns that are not fraud −3.2, problems around the subject, caused by others −2.4; no longer operating, so capped at 50. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -9.6 |
| Problems around it, caused by others | -2.4 |
| Sum | 50 |
- No longer operating, so capped at 50.
Score: 50/100 (kept between 0 and 100)
How scoring works →Summary
Fantasm Finance was a fractional-algorithmic synthetic token protocol on the Fantom Opera blockchain, designed to maintain a synthetic FTM token (XFTM) backed partially by FTM collateral and partially by the protocol's native FSM token. On March 9, 2022, within days of its public launch, the protocol suffered a critical smart contract exploit that drained approximately $2.62 million from its collateral reserve pool. The attacker laundered the stolen funds through Tornado Cash and was never publicly identified; the protocol has since ceased operations with zero TVL remaining.
Connected Entities
5 entities · 60 linked investigations- Fantom (Sonic Labs)→mentioned with→Binance(60%)
- Binance→mentioned with→Ethereum(65%)
- Fantasm Finance→mentioned with→Binance(60%)
- Fantasm Finance→mentioned with→Ethereum(70%)
- Fantasm Finance→mentioned with→Fantom (Sonic Labs)(70%)
- Fantasm Finance→mentioned with→Frax Finance(80%)
- Frax Finance→mentioned with→Binance(70%)
- Frax Finance→mentioned with→Ethereum(80%)
Timeline(9 events)
March 2022
Fantasm Finance launches publicly on Fantom Opera, offering XFTM synthetic token minting backed by FTM and FSM collateral.
9 March 2022
Exploit executed at approximately 01:50 PM UTC. Attacker drains approximately $2.62 million (1,008 ETH) from the protocol collateral reserve by exploiting a mint function input validation flaw, allowing XFTM minting with zero FTM collateral.
9 March 2022
Fantasm team announces the breach publicly, urges all users to redeem XFTM and exit liquidity pools immediately. XFTM token falls 98% within 24 hours.
9 March 2022
Team executes a white-hack of remaining protocol reserves, recovering 935,415 FTM for distribution to affected XFTM holders.
10 March 2022
Fantasm Finance publishes official post-mortem detailing the vulnerability, attack flow, attacker addresses, and compensation plan.
11 March 2022
Distribution of 174,327.763 FTM in accumulated protocol fees to FSM stakers and lockers begins at 9:00 AM UTC.
18 March 2022
White-hacked FTM funds distributed to XFTM holders via snapshot at block height 32970600.
25 March 2022
Protocol announces planned collateral ratio adjustments and relaunch plans with new token and DAO governance.
June 2022
Protocol activity ceases. No meaningful relaunch occurs. TVL trends to zero.
Decision Log
- slot 455358812 · hash 7NLR5342ft7WMMws3cTLFKZbhLPHp4iZq3Af3iAT88M1
- slot 422766180 · hash 71kyEym78a5ruwdhGC7WKmrvFvpHQmDkztrCAYMchHow
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 8 of 10 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:51 AM
last updated: 10/10/2026, 6:40:25 PM
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