Fantom Foundation Hacked for $6.7 Million Worth of Cryptocurrency
The Fantom Foundation, the developer behind the Fantom network, has reportedly been hacked, resulting in a loss of over $6.7 million worth of cryptocurrency. The attack targeted the foundation itself and not the Fantom network.
Attack Details and Estimates
An address labeled “Fake_Phishing188024” was used to send more than 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet. On-chain investigator Spreek reported the attack on X (formerly Twitter) and estimated the losses at $6.7 million. However, security platform CertiK estimated the losses to be around $657,000.
CertiK confirmed that the foundation had been hacked but provided a lower estimate of the losses. The drained funds may include sources outside of the Fantom Foundation.
Fantom Network and Asset Locks
The Fantom network is an Ethereum Virtual Machine (EVM)-compatible smart contract platform. According to DeFiLlama, it currently has over $45 million in assets locked within its contracts.
Confirmation and Wallet Activity
The blockchain data reveals that funds were sent from Fantom Foundation Wallet 1 on Ethereum to the “Fake_Phishing188024” wallet. Additionally, funds were sent from Fantom Foundation Wallet 20 on the Fantom network to an account labeled “Fake_Phishing32.” These transactions suggest that the team’s private key may have been stolen.
As of now, the team has not made any official announcement regarding the incident. Spreek mentioned that wallets 16 and 19 belonging to Fantom have also been drained.
Hot Take: Security Breach Raises Concerns for Fantom Foundation
The recent security breach targeting the Fantom Foundation raises concerns about the safety and integrity of the platform. With a significant amount of funds lost, it is crucial for the foundation to address the issue promptly and implement measures to prevent future attacks. This incident serves as a reminder of the ongoing risks associated with cryptocurrencies and highlights the importance of robust security practices in the crypto industry.
By
By
By
By
By