Fantom Foundation Hit by $6.7 Million Crypto Hack, Contrasting Loss Estimates Emerge
Summary:
The Fantom Foundation, creators of the Fantom network, has reportedly been hacked, leading to an estimated loss of $6.7 million in various digital currencies according to on-chain detective Spreek. However, cybersecurity firm CertiK approximates the loss to be around $657,000. The funds were transferred to a suspicious entity recognized as "Fake_Phishing188024". At this stage, the Foundation hasn't confirmed the incident. The story is ongoing as more details emerge.
The Fantom Foundation, the team behind the Fantom network, has allegedly suffered a significant loss due to a hack, consisting of approximately $6.7 million worth of digital assets. As tracked via blockchain information, a suspicious entity identified as "Fake_Phishing188024" has received a considerable amount of Convex (CVX) tokens, along with various other cryptocurrencies transferred from a known Fantom Foundation wallet. Spreek, an on-chain detective, shared the news of this breach on X (an alternative platform to Twitter), estimating the losses to be around $6.7 million. Contrarily, CertiK, a cybersecurity firm, has assessed the damage at a much lower figure of approximately $657,000. The Fantom Foundation has yet to issue any statement on this alleged attack.
Fantom Foundation is responsible for developing the Fantom network, a smart contract platform compatible with the Ethereum Virtual Machine (EVM). According to DeFiLlama, it has more than $45 million in assets locked in its contracts. The recent attack was primarily aimed at the foundation rather than the Fantom network itself. On October 17, Spreek reported the alleged attack based on information from a Telegram report. He later identified the hacked wallets and claimed the losses to be around $6.7 million, although it's possible that the stolen funds might also include assets not directly associated with the Fantom Foundation.
CertiK, a blockchain security service, has corroborated the hacking incident but approximated the financial damage to be about $657,000. Further examination of blockchain data reveals that Fantom Foundation Wallet 1 on the Ethereum network dispatched over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC) and additional tokens to "Fake_Phishing188024." Moreover, Fantom Foundation Wallet 20 on the Fantom network transferred over 1 million Fantom (FTM) tokens to an account designated as "Fake_Phishing32." Normally, when a project’s development team sends funds to a scam account, it signals that their private keys have been compromised. As of now, the team has not yet released a formal statement about the incident. In a thread on X, Spreek also exposed that Fantom wallets 16 and 19 lost their funds. This story is still unfolding, and subsequent updates will be provided as more information surfaces.
Published At
10/17/2023 3:36:57 PM
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