Binance hacker dumps a little-known 2017 token and it crashes 90%
Source: CoinDesk ·
From the source
The hacker dumped FUN and other smaller tokens into markets too small to absorb large selling, leading to price crashes. A little-known token launched in 2017 crashed more than 90% early Friday after the Binance hacker dumped it into a market too “thin” to absorb the selling. FUNToken (FUN), formerly known as FunFair, plunged more than 90% on the Uniswap pool where the hacker was selling. It fell from about 0.0000037 wrapped ether (WETH) to 0.00000017 WETH, according to GeckoTerminal data. Its dollar price saw a similar crash. Across all markets, FUN is down 68% in 24 hours, CoinGecko data show. Uniswap is a decentralized exchange where people trade tokens directly against pooled funds rather than through a company's order book. FUN dates back to the 2017 crypto boom. Its developer, FunFair Technologies, raised $26 million in four hours in a token sale that July to build blockchain-based online casino games. The project now operates as FUNToken . The crash in its market price can be…