Farcana’s $FAR Recovers After a Market-Making Scam, All Operations Resumed

Farcana, a multiplayer arena hero shooter powered by a Web3 economy, reported a successful repurchase of all $FAR tokens misappropriated during a scam earlier this summer. 

On June 24th, the project announced on Twitter that one of its market makers might have been compromised, resulting in the market sale of an extended loan. According to the announcement, no hack took place, no wallets were breached, nor were any FAR smart contracts exploited. 

“It all boils down to a small bad actor going against a third party, which led to the spread of misinformation and caused an undue market reaction,” said Ilman Shazhaev, Farcana’s CEO and Founder. 

In total, 23.8 million $FAR were dropped into the market by the scammers. The team coordinated with exchanges and other market-making entities to contain the activity and committed to deploying capital to counter the sale. Upon the incident, $FAR tanked significantly; Bybit and Gate temporarily paused $FAR deposits, while Bybit issued an automated “Special Treatment Warning.” 

By June 26th, Bybit and Gate brought $FAR deposits back, and Farcana resumed all operations related to the token. $FAR dropped 25% compared to its price before the scam, consistent with the broader market trend.

Sticking to transparency, Farcana kept sharing updates on its market-stabilization measures, working with stakeholders to understand the incident. The wallets holding the misappropriated $FAR tokens were tagged, and the event was thoroughly investigated by security firms.

On July 22nd, Farcana announced all the compromised tokens had been repurchased, and revealed the full story in a Twitter thread. The total value of deployed capital was estimated at over $500k.

“This has been a challenge, but we made it through. We’re grateful to our community for their trust and patience! 

I want to extend special thanks to Binance and Tether, Bybit, Gate, BingX, Gopax and other platforms listing $FAR for their immediate reaction and support in this crisis. We’re glad to be fully back to our operations and development. 

Our team is working with cybersecurity firms and UAE police to investigate the incident, making every effort to pin the scammers and bring them to law — to answer for the significant damage they’ve done,” Shazhaev added.

At the time of this writing, all of Farcana’s operations have returned to normal. The scheduled token unlock occurred successfully on July 23, allowing token holders who previously purchased $FAR to claim their tokens via the official platform. Staking will be live soon, further improving the Farcana ecosystem’s stability and growth.