Debt Financing Nexus
No Result
View All Result
  • Login
  • Home
  • Business
  • Finance
  • Mortgage
  • Banking
  • Credit Cards
  • Investing
  • Loans
  • Saving
  • Taxes
  • More
    • Markets
    • Economy
    • Real Estate
    • Crypto
Subscribe For Alerts
  • Home
  • Business
  • Finance
  • Mortgage
  • Banking
  • Credit Cards
  • Investing
  • Loans
  • Saving
  • Taxes
  • More
    • Markets
    • Economy
    • Real Estate
    • Crypto
No Result
View All Result
Debt Financing Nexus
No Result
View All Result
Home Crypto

Fantom Foundation Faces Major Security Breach – $6.7 Million Lost

News Room by News Room
October 17, 2023
Reading Time: 2 mins read
0
Fantom Foundation Faces Major Security Breach – $6.7 Million Lost

The Fantom Foundation, the team dedicated to building the Fantom network, has reportedly fallen victim to a hack that led to a significant loss of approximately $6.7 million worth of digital assets.

On October 17, the Fantom Foundation encountered a hacking incident, as reported by on-chain investigator Spreek. The attack was confirmed based on information from a Telegram report, though it’s important to note that this information was labeled as an “alleged” hacking scenario.

The hacked wallets have been identified, and initial estimates suggest losses of approximately $6.7 million. Although, the stolen funds may include assets not directly linked to the Fantom Foundation.

Blockchain security firm Certik initially estimated that attackers siphoned off nearly $657,000 worth of crypto assets in the Fantom Foundation incident. However, the figure was later updated to approximately $7 million. According to Certik, the attacker executed transactions from the Fantom Foundation’s wallets on both the Ethereum and Fantom networks.

Certik identified at least two wallets, Wallet 20 and 18, as being involved in the attack, resulting in a net loss of approximately $470,000 in FTM, Fantom native token and around $187,000 in ETH. Certik acknowledged Spreek for providing pivotal information about the attack. 

Upon further examination of blockchain data, it was revealed that Fantom Foundation Wallet 20 on the Fantom network sent over 1 million FTM tokens to an address labeled “Fake_Phishing32.”

Additional information indicates that Fantom Foundation wallets 1, 16, 18, and 19 were also impacted by the attack. Some non-tagged wallets were associated, which were said to be personal wallets of team members. One wallet linked to a team member was drained of over $3.4 million. The total funds in the attacker’s address amount to 4,501.58 ETH, equivalent to $7 million.

Furthermore, Wallet 1 on the Ethereum network sent over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC, and other tokens to a wallet labeled “Fake_Phishing188024.”

Fantom Foundation Faces Targeted Attack and Addresses that Majority of Funds are Secured 

Later today, the Fantom Foundation confirmed that it and its employees collectively lost hundreds of thousands of dollars worth of crypto in an attack.

The Fantom Foundation added that only a tiny number of Fantom wallets were compromised, including approximately $550K in Fantom Foundation funds. It also noted that the vast majority of Fantom Foundation funds, exceeding 99% of the total, remain untouched and secure.

The foundation added that some of the affected addresses labeled “Foundation Wallets” were no longer in use by them and that some of them had been reassigned to a Fantom employee, essentially making this incident a targeted personal attack.

It further assured its users that their funds were safe and that it was taking all necessary steps to prevent future attacks. Also, the mechanism for the attack is still under investigation, but the project has acknowledged early reports indicating that the attack may have resulted from a zero-day exploit via Google Chrome.



Read the full article here

ShareTweetSendSend

Related Posts

Crypto Analysts Say TG.Casino ($TGC) GameFi Coin Can Explode Like Rollbit After it Raises $3m, Just $2m Left
Crypto

Crypto Analysts Say TG.Casino ($TGC) GameFi Coin Can Explode Like Rollbit After it Raises $3m, Just $2m Left

November 28, 2023
As PEPE100 Leaps 50x Overnight, This Hidden Crypto Just Surpassed $1.8 Million in Funding – 100x Possible?
Crypto

As PEPE100 Leaps 50x Overnight, This Hidden Crypto Just Surpassed $1.8 Million in Funding – 100x Possible?

November 27, 2023
Square Enix’s NFT Game Symbiogenesis Sets Auction Dates, Launches December 21 – Here’s What You Need to Know
Crypto

Square Enix’s NFT Game Symbiogenesis Sets Auction Dates, Launches December 21 – Here’s What You Need to Know

November 27, 2023
Terra Luna Classic Price Prediction as LUNC Rockets Up 50% in 24 Hours – Can LUNC Reach $1 Soon?
Crypto

Terra Luna Classic Price Prediction as LUNC Rockets Up 50% in 24 Hours – Can LUNC Reach $1 Soon?

November 27, 2023
HTX Resumes Bitcoin and Ether Services After $30 Million Hack
Crypto

HTX Resumes Bitcoin and Ether Services After $30 Million Hack

November 27, 2023
Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country’s SEC Rules
Crypto

Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country’s SEC Rules

November 27, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Debt Financing Nexus

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Visit our landing page to see all features & demos.

LEARN MORE »

Recent Posts

  • Trump eyes Cabinet member to replace ‘Mr Too Late’ Powell at the Fed: report
  • What will no taxes on tips cost in foregone tax revenue?
  • Texas lawmakers vote to gut booming hemp industry, sparking backlash

Categories

  • Banking
  • Business
  • Credit Cards
  • Crypto
  • Economy
  • Finance
  • Investing
  • Loans
  • Markets
  • Mortgage
  • Real Estate
  • Saving
  • Taxes
  • Uncategorized
  • Privacy Policy
  • Terms of use
  • Advertise
  • Contact

© 2025 Debt Financing Nexus. All Rights Reserved.

No Result
View All Result
  • Home
  • Business
  • Finance
  • Mortgage
  • Banking
  • Credit Cards
  • Investing
  • Loans
  • Saving
  • Taxes
  • More
    • Markets
    • Economy
    • Real Estate
    • Crypto

© 2025 Debt Financing Nexus. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.