Fantom Foundation Loses Millions in Phishing Scam
CertiK, a blockchain security firm, has reported that the Fantom Foundation has fallen victim to a phishing scam, resulting in the loss of hundreds of millions of dollars from its crypto wallets. The hack specifically targeted the Fantom Foundation and not the blockchain itself. Fantom is a platform that focuses on smart contracts and Dapps, with a goal of enhancing transaction speed and efficiency compared to other blockchains like Ethereum.
The Extent of the Loss
According to CertiK, the foundation lost around $470,000 worth of Fantom and an additional $187,000 worth of Ethereum. The stolen funds have been consolidated into a wallet containing approximately 4,500 ETH, equivalent to about $7 million. On-chain data reveals that the hacker’s wallet received various tokens from Fantom, including ETH, Tether (USDT), USD Coin (USDC), Dai stablecoin (DAI), Convex token (CVX), Fantom USD (FUSD), and others.
Possible Losses and Impact on Price
Based on analysis by pseudonymous on-chain investigator Spreek, it is estimated that Fantom’s wallets may have lost up to $6.7 million. Notably, a wallet associated with a team member potentially lost $3.4 million, while other wallets controlled by foundation team members were also affected. Following the hack, the price of the Fantom token (FTM) dropped 4.52%, reaching a near seven-day low of $0.1771.
The Identity of the Hacker
The identity of the hacker behind the Fantom hack remains unknown. However, previous multi-million dollar crypto hacks have been linked to the North Korean Lazarus Group. Elliptic, a blockchain investigation firm, suggests that the Lazarus Group was likely responsible for the CoinEX trading platform hack in September ($54 million) and the Atomic wallet hack in June ($100 million). They also suspect the group’s involvement in the FTX hack from November ($477 million), although Russian entities are considered more likely suspects.
Hot Take: Fantom Foundation Suffers Massive Losses in Phishing Scam
The Fantom Foundation, a prominent player in the smart contract and Dapp platform space, has been targeted by a phishing scam that resulted in the loss of millions of dollars. The hack affected the foundation’s wallets, leading to significant financial damage. While the exact amount of loss is still being determined, it is clear that this incident has had a negative impact on both the foundation and its native token price. As the investigation continues, it is crucial for crypto users to remain vigilant and take necessary precautions to protect their digital assets.
By
By
By
