The Fantom Foundation, the developer of the Fantom network, has been hacked, resulting in the theft of nearly $550,000 in cryptocurrencies.
The Fantom Foundation, the developer of the Fantom network, has been hacked, resulting in the theft of nearly $550,000 in cryptocurrencies. While initial reports indicated a $7 million loss, the organization confirmed that some of the wallets were mislabelled as the foundation’s and that 99% of its own funds remained intact. The investigation to identify the cause of the breach is now underway.
The theft was validated by blockchain security researchers and CertiK, who discovered that funds were transferred from labeled foundation wallets to dubious accounts. This incident had no impact on the Fantom network's functionality or security, which is an Ethereum Virtual Machine-compatible smart contract platform with over $45 million in assets locked within its contracts.
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