Fantom Foundation hot wallet hacked for $550K


The Fantom Foundation, the developer of the Fantom community, has been hacked for over $550,000 value of cryptocurrency. The basis confirmed the assault on X, claiming that a lot of the funds stolen belonged to different customers and that 99% of the inspiration’s funds stay secure. The group is presently investigating the assault, it said.

Blockchain safety researchers initially reported that the attacker stole roughly $7 million in crypto. The Fantom Foundation later launched an official assertion saying that a few of the wallets labeled “Fantom: Foundation wallet” had been mislabeled by block explorers and that not all of the stolen funds had been from the inspiration. According to the group, a few of the wallets impacted initially belonged to the inspiration however had since been reassigned to a Fantom worker and had been now not holding firm funds. The group is presently investigating the assault in an try to find out how the wallets had been compromised. 

The Fantom Foundation is the developer behind the Fantom community, an Ethereum Virtual Machine-compatible sensible contract platform. The community has over $45 million in belongings locked inside its contracts, in response to DefiLlama. The assault was towards the inspiration and different Fantom wallet customers, not towards the Fantom community.

On Oct. 17, On-chain sleuth Spreek reported on X that the inspiration was “allegedly” attacked, based mostly on a report from Telegram. They later listed the hacked wallets and estimated losses at $6.7 million, but in addition said that the drained funds could have included different sources exterior the Fantom Foundation. 

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Blockchain safety platform CertiK confirmed that the inspiration had been hacked. It initially estimated losses at $657,000 however later updated this determine to roughly $7 million. Delving into the blockchain knowledge reveals that an account labeled “Fantom Foundation Wallet 1” by Etherscan sent over 2,000 CVX, 1,000 Dai (DAI), 4,500 USD Coin (USDC) and different tokens to a wallet labeled “Fake_Phishing188024.” In addition, an account labeled “Fantom Foundation Wallet 20” by the Fantom community block explorer sent over 1 million FTM (FTM) to an account labeled “Fake_Phishing32.” When a growth group sends funds to a identified rip-off account, this usually signifies that the group’s personal key has been stolen. 

Update October 17, 6:40 pm UTC: This article has been up to date to incorporate an official assertion from the Fantom Foundation on X.

Update October 17, 5:55 pm UTC: This article has been up to date to indicate that CertiK elevated its estimate of whole losses and to offer statements from a Fantom Telegram group admin.

This is a growing story, and additional data will probably be added because it turns into obtainable.

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