Fantom

Foundation

USDC

Security

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 Fantom Foundation's wallet was reportedly drained of funds by a “Fake_Phishing” account.
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<div class="cointelegraph">
 <p>Fantom Foundation, developers of the Fantom network, have reportedly been <a rel="noopener noreferrer nofollow" title="hacked" href="https://thebittimes.com/tag/hacked.html">hacked</a> for over $6.7 million worth of cryptocurrency.&nbsp;</p>
 <p>Blockchain data shows that an address labeled “Fake_Phishing188024” was sent over 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet. On-chain sleuth Spreek reported the attack on X (formerly Twitter) and <a rel="noopener noreferrer nofollow" title="estimated" href="https://thebittimes.com/tag/estimated.html">estimated</a> losses at $6.7 million. Security platform CertiK has <a rel="noopener noreferrer nofollow" title="estimated" href="https://thebittimes.com/tag/estimated.html">estimated</a> losses at only $657,000. The Foundation has yet to confirm the attack.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">total attacker profit (may not all necessarily be from fantom or related wallets) seems to be ~$6.7m pic.twitter.com/0rkDHULsdI</p>— Spreek (@spreekaway) October 17, 2023
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 <p>The Fantom Foundation is the developer behind Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. The network has over $45 million in assets locked within its contracts, according to DeFiLlama. The attack was against the foundation itself and not the Fantom network.</p>
 <p>On October 17, on-chain sleuth Spreek reported that the foundation was “allegedly” attacked, based on a report from Telegram. They later listed the <a rel="noopener noreferrer nofollow" title="hacked" href="https://thebittimes.com/tag/hacked.html">hacked</a> wallets and <a rel="noopener noreferrer nofollow" title="estimated" href="https://thebittimes.com/tag/estimated.html">estimated</a> losses at $6.7 million, though the drained funds may have included other sources outside the Fantom Foundation.&nbsp;</p>
 <p><em><strong>Related: </strong><strong>Fantom DEX rescued at eleventh hour following planned shutdown</strong></em></p>
 <p>Blockchain security platform CertiK&nbsp;confirmed&nbsp;that the foundation had been <a rel="noopener noreferrer nofollow" title="hacked" href="https://thebittimes.com/tag/hacked.html">hacked</a> but <a rel="noopener noreferrer nofollow" title="estimated" href="https://thebittimes.com/tag/estimated.html">estimated</a> the losses at only $657,000. Delving into the blockchain data shows that Fantom Foundation Wallet 1 on Ethereum sent over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC) and other tokens to a wallet labeled “Fake_Phishing188024.” In addition, Fantom Foundation Wallet 20 on Fantom network sent over 1 million Fantom (FTM) tokens to an account labeled “Fake_Phishing32.” When a development team sends funds to a known scam account, this generally indicates that the team’s private key has been stolen.&nbsp;</p>
 <p>At the time of publication, the team has not yet made an announcement regarding the incident.</p>
 <p>In their thread on X, Spreek stated that Fantom wallets 16 and 19 have been drained of funds as well.</p>
 <p class="post-content__disclaimer">This is a developing story, and further information will be added as it becomes available.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/fantom-foundation-hacked-for-an-estimated-6-7m-report-tbt66737.html">https://thebittimes.com/fantom-foundation-hacked-for-an-estimated-6-7m-report-tbt66737.html</a></p>

Fantom Foundation hacked for an estimated $6.7M: Report

TheBitTimes

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