What Happened?
Fantom Foundation, the developers behind the Fantom network, have reportedly fallen victim to a hacking attack resulting in the loss of over $6.7 million worth of cryptocurrency. The attack targeted the foundation itself and not the Fantom network.
The Details
An address labeled "Fake_Phishing188024" was used to send over 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet. On-chain investigator Spreek reported the attack and estimated the losses at $6.7 million, while security platform CertiK estimated the losses to be around $657,000.
Impact on Fantom Network
The Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform, currently has over $45 million in assets locked within its contracts. However, the attack did not directly affect the network, but rather targeted the foundation behind it.
Confirmation and Investigation
Although the hacking incident has been confirmed by CertiK, the Fantom Foundation has not yet acknowledged the attack. On-chain investigator Spreek initially reported the alleged attack based on a report from Telegram. They later identified the hacked wallets and estimated the losses at $6.7 million.
How the Hack Occurred
Blockchain data analysis reveals that funds were sent from the Fantom Foundation wallets to accounts labeled "Fake_Phishing188024" and "Fake_Phishing32." This suggests that the development team's private key may have been compromised, leading to the unauthorized transfer of funds.
Developing Story
This is an ongoing investigation, and more information will be shared as it becomes available.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/binanceus-removes-direct-usd-withdrawals-from-platform
