The Fantom Foundation Falls Victim to a Hack, Losing $6.7 Million in Digital Assets
The Fantom Foundation, a team dedicated to building the Fantom network, has recently experienced a hack resulting in a significant loss of approximately $6.7 million worth of digital assets. The incident occurred on October 17 and was reported by on-chain investigator Spreek. Although the details were labeled as “alleged,” the hacking scenario was confirmed through a Telegram report.
Initial estimates suggest that the stolen funds amount to around $6.7 million, although it’s possible that some assets are not directly linked to the Fantom Foundation.
Certik Identifies Wallets Involved in the Attack
Certik, a blockchain security firm, initially estimated that approximately $657,000 worth of crypto assets were siphoned off during the hack. However, this figure was later updated to roughly $7 million. The attacker executed transactions from the Fantom Foundation’s wallets on both the Ethereum and Fantom networks.
Certik identified two wallets, Wallet 20 and 18, as being involved in the attack. This resulted in a net loss of about $470,000 in FTM (Fantom native token) and approximately $187,000 in ETH. Certik credited Spreek for providing crucial information about the attack.
Fantom Foundation Wallets Impacted by the Attack
Further examination of blockchain data revealed that several other Fantom Foundation wallets were impacted by the attack. Some non-tagged wallets were associated with team members and personal funds. One team member’s wallet lost over $3.4 million.
In total, the attacker’s address contains 4,501.58 ETH, equivalent to $7 million.
Fantom Foundation Addresses the Attack and Ensures Majority of Funds are Secure
The Fantom Foundation has confirmed that it and its employees collectively lost hundreds of thousands of dollars worth of crypto in the attack. However, it reassured users that the majority of Fantom Foundation funds, exceeding 99% of the total, remain untouched and secure.
The foundation explained that only a small number of Fantom wallets were compromised, including approximately $550,000 in Fantom Foundation funds. It clarified that some affected addresses labeled as “Foundation Wallets” were no longer in use and had been reassigned to a Fantom employee, suggesting a targeted personal attack.
The project is currently investigating the mechanism behind the attack and has acknowledged early reports indicating a potential zero-day exploit through Google Chrome. The Fantom Foundation is taking necessary steps to prevent future attacks and ensure the safety of user funds.
Hot Take: Fantom Foundation Faces Targeted Attack but Secures Majority of Funds
The Fantom Foundation recently experienced a significant hack resulting in a loss of approximately $6.7 million worth of digital assets. Despite this incident, the foundation assured users that over 99% of their funds remain secure. The attack targeted a small number of wallets, including some that were no longer in use by the foundation. This suggests a targeted personal attack rather than a widespread security breach.
The project is actively investigating the attack and its mechanism, with early reports indicating a potential zero-day exploit through Google Chrome. The Fantom Foundation is committed to taking all necessary measures to prevent future attacks and protect user funds.
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