Almanak Airdrop Delayed, Impact on Token Price

Almanak’s airdrop faced delays due to operational errors and DDoS attacks today, affecting around 1,100 users’ wallet creation process, though tokens remain secure.

This incident highlights vulnerabilities in decentralized finance operations, potentially impacting investor confidence and triggering sharp declines in Almanak token value.

Almanak Airdrop Delay Tanks ALMANAK Token by 80%

Almanak announced delays in its planned token airdrop due to operational errors and DDoS attacks. Although the claim function was supposed to activate at 20:15, it was delayed until 12:35. 1,100 users encountered issues with wallet creation displaying a “PENDING” status. The team restored the system, ensuring user tokens’ safety.

The ALMANAK token experienced an 80% drop, reaching approximately $0.034 in value following the incident. The team’s attempt at rapid recovery reassured users, yet market confidence has been shaken. No trading activity was halted, and no regulations were cited.

Although official statements from senior Almanak figures were absent, the crypto community expressed concern regarding the apparent vulnerabilities within DeFi protocols. Token holders called for transparency and improvements in operational security.

DeFi Vulnerability Raises Concerns Over Investor Trust

Did you know? Similar incidents in the DeFi sector have previously led to prolonged market downturns, suggesting a historical pattern regarding market confidence in DeFi projects.

CoinMarketCap data indicates ALMANAK’s current price at $0.03, market dominance at 0.00%, and a fully diluted market cap of $26.32 million. Its 24-hour trading volume dropped by 48.22% to $7.47 million, having faced a substantial 82.46% decline over 90 days, attributed to recent operational issues.

Analysts from the Coincu research team underscore the necessity for projects like Almanak to bolster security measures. Potential regulatory scrutiny could emerge if vulnerabilities persist, affecting investor trust in DeFi innovations and posing long-term financial risks.