Fantom Foundation Loses Over $550,000 in Cryptocurrency Hack
The Fantom Foundation has reported that its wallets have been targeted in a hack that resulted in the theft of more than $550,000 worth of cryptocurrency. The team is currently investigating the incident and will provide an update to the community soon.
Confirmation of the Hack
The foundation confirmed the hack in a post on X (formerly Twitter). They stated that most of the stolen funds belonged to other users, and more than 99% of the foundation’s funds remained secure. The team assured the community that they were actively looking into the attack.
“A small number of Fantom wallets were compromised earlier today. The affected wallets included approximately $550K in Fantom Foundation funds. However, over 99% of our funds are safe.”
Details of the Hack
Initially, blockchain security researchers reported that around $7 million worth of crypto had been stolen. However, the Fantom Foundation clarified that some mislabeled wallets belonged to a Fantom employee and no longer held company funds. The team is investigating how the hot wallets were compromised.
CertiK, a blockchain security firm, also confirmed the hack and estimated losses at around $657,000. This figure was later updated to approximately $7 million.
“Fantom Foundation wallets have been drained on Ethereum and Fantom. So far, we can confirm losses of ~$470k on FTM and at least ~$187k on ETH.”
Further analysis of blockchain data revealed suspicious transactions from Fantom Foundation wallets to unknown accounts, indicating possible theft of private keys.
Hot Take: Immediate Action Needed to Strengthen Security Measures
The Fantom Foundation’s recent hack highlights the importance of robust security measures in the crypto industry. It is crucial for projects to implement stringent security protocols to protect user funds and prevent unauthorized access. This incident serves as a reminder that even established blockchain platforms are not immune to cyber threats, emphasizing the need for constant vigilance and proactive defense strategies.
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