The Fantom Foundation Loses Millions in a Major Hack
The Fantom Foundation, a rival of Ethereum (ETH), has recently fallen victim to a significant exploit, as stated by blockchain security experts. CertiK Alert, a social media platform, revealed that wallets belonging to the Fantom Foundation have been emptied of both ETH and FTM.
According to CertiK Alert’s Twitter posts, the foundation’s wallets have been drained of approximately $470,000 worth of FTM from Wallet 20 and at least $187,000 worth of ETH from Wallet 18. The online analyst Spreek estimates that the total amount stolen in the hack is nearly $7 million.
CertiK Alert has also identified the Ethereum address associated with the attacker, which currently holds 4,501.48 ETH, equivalent to around $7 million.
This incident comes in the wake of Beosin EagleEye’s report stating that crypto hacks, scams, and rug pulls resulted in a loss of $889.26 million in Q3 of 2023 alone. The losses in this quarter surpassed those of the previous two quarters combined.
Hot Take: Increasing Concerns Over Crypto Security
The recent hack on the Fantom Foundation highlights the ongoing security concerns within the cryptocurrency space. As digital assets gain popularity and value, they become attractive targets for hackers. This incident serves as a reminder to crypto investors and projects to prioritize security measures and adopt robust protocols to protect their funds and assets. It also emphasizes the need for continuous monitoring and proactive responses to potential threats in the crypto ecosystem. With the increasing frequency and severity of such attacks, the industry must work collectively to enhance security standards and build trust among users.
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