Farcana, a blockchain-based shooter game known for its tournaments, recently experienced a major setback as its native token, FAR, dropped by over 60% in value. This significant decline was triggered by a reported security breach in one of the game’s crypto wallets.
In a post that has since been deleted, Farcana acknowledged that one of its FAR wallets had been compromised. The team also stated that deposits to all centralized crypto exchanges had been frozen until the security issues were resolved. Although the post has been removed, a cached version can still be found on the Turkish version of crypto.news.
Despite the removal of the initial post, Farcana has not provided any further explanation for this action. However, in a separate post, the team urged users to refrain from clicking on any suspicious links and assured them that they were working diligently to address the breach and safeguard users’ assets.
The full extent of the security breach is still unknown, but its impact on FAR’s price was immediate. According to CoinGecko data, the token’s value plummeted to $0.015 following the reported incident.
Established in 2022, Farcana had previously raised $10 million in seed funding from prominent investors such as Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle. The game, which is built on Unreal Engine 5, features graphics reminiscent of Overwatch, a popular team-based multiplayer first-person shooter game developed by Blizzard Entertainment. Farcana operates on a free-to-play model, allowing gamers to participate in tournaments and competitions without any upfront costs.
The security breach and subsequent price drop serve as a stark reminder of the risks associated with investing in cryptocurrency and blockchain-based projects. As the Farcana team works to resolve the issues and enhance security measures, users are advised to exercise caution and remain vigilant to protect their assets in the volatile crypto market.
