FwDETH Price Plummets After $35 Million Theft Incident

According to BlockBeats, earlier today, the price of fwDETH, a wrapped ETH token on the Blast chain, experienced a significant drop following a theft incident involving $35 million worth of fwDETH. The price of fwDETH fell by over 95% to approximately $85 but has since recovered to around $700. Despite this recovery, the token remains severely de-pegged with a 24-hour decline of 63.77%. BlockBeats notes that fwDETH is obtained by depositing ETH at a 1:1 ratio on Duo Exchange within the Blast ecosystem. The recent price drop was triggered by an exploit where the attacker sold dETH on a decentralized exchange (DEX), causing the sharp decline in fwDETH's value. Earlier reports from BlockBeats revealed that a whale address suffered a phishing attack, resulting in the loss of 15,079 fwDETH, valued at approximately $35 million. On-chain data analysis firm Lookonchain suggested that the compromised address might be associated with Continue Capital.