Fantom Wallets Hacked For Crypto worth $550,000 

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Key takeaways :

  •  Fantom Foundation Wallets Suffer Exploitative Hack for 550K
  • Stolen Funds Aggregated in Single Address, Tallying Approximately $7 Million

The Fantom Foundation, renowned for its development of the Fantom network, has recently fallen victim to a significant cryptocurrency hack, resulting in a loss exceeding $550,000. 

The attack, which the foundation confirmed on X, predominantly impacted funds belonging to users, with more than 99% of the foundation’s assets remaining secure. A detailed investigation into the incident is currently underway to shed light on the attack’s mechanics.

According to cybersecurity firm Certik, the attackers successfully drained funds from wallets associated with the Fantom Foundation, affecting both Ethereum and Fantom networks. The organization itself incurred a $550,000 loss, while a wallet owned by a Fantom employee was also targeted.Fantom Wallets Hacked For Crypto Worth $550,000 

Notably, the hackers centralized the stolen funds into a single wallet, which now holds an estimated value of approximately $7 million, as reported by Certik.

The fallout from this incident has had repercussions in the cryptocurrency markets. The FTM token witnessed a decline of over 5%, while BTC experienced minimal fluctuations at 4 pm New York time. 

Renowned pseudonymous online analyst Spreek has estimated the total impact of the hack to be nearing the $7 million mark, taking into account the profit generated by the attackers. It’s important to note that not all the attacker’s gains necessarily came from Fantom or related wallets.

Fantom Foundation, the development team behind Fantom, faced a security breach on October 17th, attributed to a zero-day exploit within Chrome. This unforeseen vulnerability in Chrome, despite a prior update on September 29, 2023, exposed the foundation to significant losses, reaching into the hundreds of thousands of dollars.

A representative from the foundation elaborated, explaining, “We were running an earlier version of Chrome released on September 29, 2023, but that update had its vulnerabilities. Just a few days ago, Chrome announced yet another version.”

Fantom Wallets Hacked For Crypto Worth $550,000 

The attack is believed to have exploited a zero-day vulnerability within the Chrome browser. As a result, some of Fantom Foundation’s wallets suffered significant losses, tallying hundreds of thousands of dollars. The organization has taken immediate action, actively tracking the movement of the lost funds.

The stolen assets have been transferred to a wallet now holding around $7 million worth of Ether (ETH). 

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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