Ethereum

Fantom

Foundation

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/10/20/93e9e645a8427bc872b58b25c989d822.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" loading="lazy" srcset="https://cdn.thebittimes.com/images/2023/10/20/93e9e645a8427bc872b58b25c989d822.webp 800w, https://cdn.thebittimes.com/images/2023/10/20/93e9e645a8427bc872b58b25c989d822.webp 450w, https://cdn.thebittimes.com/images/2023/10/20/93e9e645a8427bc872b58b25c989d822.webp 750w, https://cdn.thebittimes.com/images/2023/10/20/93e9e645a8427bc872b58b25c989d822.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
In a significant setback, the Fantom Foundation experienced a loss of $550,000 in cryptocurrency due to a vulnerability found in its official Fantom <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>. Confirming the breach on X, the Foundation asserted that the majority of the pilfered funds belonged to other users, emphasizing that 99% of the Foundation’s overall funds remained secure. An ongoing investigation is underway to scrutinize the nature of the attack.
Initial reports from blockchain security researchers suggested a theft amounting to approximately $7 million in crypto. However, the Fantom Foundation released an official statement clarifying that certain wallets marked as “Fantom: Foundation wallet” were erroneously labeled by block explorers. Notably, not all the funds that were taken originated from the Foundation. The team explained that some of the initially affected wallets had been reassigned to a Fantom employee and were no longer repositories of company funds. The investigation continues to unravel the intricacies of the compromised wallets.
The Fantom Foundation, recognized as the developer behind the Fantom network, a smart contract platform compatible with the Ethereum Virtual Machine, boasts assets exceeding $45 million locked within its contracts, as reported by DefiLlama. Importantly, the attack targeted both the Foundation and other users of Fantom wallets, rather than compromising the Fantom network itself.
On Oct. 17, On-chain investigator Spreek reported an “alleged” attack on the Foundation, citing information from Telegram. Subsequently, they published a list of compromised <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>s, estimating losses at $6.7 million. However, they acknowledged the possibility that drained funds might include contributions from sources outside the <a rel="noopener noreferrer nofollow" title="Fantom Foundation." href="https://thebittimes.com/tag/fantom-foundation.html">Fantom Foundation.</a>
CertiK, a blockchain security platform, corroborated the Foundation’s hacking, initially estimating losses at $657,000. This figure was later revised to approximately $7 million. A closer examination of blockchain data revealed that an account labeled “Fantom Foundation Wallet 1” by Etherscan had transferred over 2,000 CVX, 1,000 Dai, $4,500 USD Coin, and other tokens to a wallet labeled “Fake_Phishing188024.” Additionally, an account identified as “Fantom Foundation Wallet 20” by the Fantom network block explorer sent over 1 million FTM at $0.18 each to an account labeled “Fake_Phishing32.” Such transactions typically indicate a compromised private key when a development team unwittingly transfers funds to a known scam account.
The post A <a rel="noopener noreferrer nofollow" title="$550K hot wallet hack" href="https://thebittimes.com/tag/550k-hot-wallet-hack.html">$550K hot wallet hack</a> <a rel="noopener noreferrer nofollow" title="occurred" href="https://thebittimes.com/tag/occurred.html">occurred</a> on <a rel="noopener noreferrer nofollow" title="Fantom Foundation." href="https://thebittimes.com/tag/fantom-foundation.html">Fantom Foundation.</a> appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/a-550k-hot-wallet-hack-occurred-on-fantom-foundation-tbt67059.html">https://thebittimes.com/a-550k-hot-wallet-hack-occurred-on-fantom-foundation-tbt67059.html</a>

A $550K hot wallet hack occurred on Fantom Foundation.

TheBitTimes

Other articles published on Oct 20, 2023

Airtel launches Africa’s most-affordable 4G smartphone in Rwanda to boost digital inclusion

Head of Binance payment processor resigns

Binance.US Shifts Withdrawal Options, Encourages Users to Convert USD to Crypto

Wodo Network Secures $3 Million Investment to Pioneer Next-Generation Technologies with Global Am...

Bitcoin Could Settle in the $60,000 – $100,000 Range

Coty Stock Price Prediction: Is COTY Stock Turning Around?

Join our free newsletter for daily crypto updates!