Fantom Foundation’s crypto wallet hacked

46

Reportedly a hacker successfully attacked a crypto wallet linked with Fantom Foundation & grabbed nearly $7 million worth of crypto assets.

Fantom Foundation is a Fantom blockchain-focused network of developers that is dedicated to building the infrastructure for a more democratic and efficient future. The Fantom project was founded by Korean computer scientists Dr. Ahn Byung Ik & Matthew Hur. The main vision of Fantom blockchain is to provide Ethereum alternative crypto services which is not easy for people to achieve on the Ethereum network like high efficiency, high network speed, etc. 

On 17 Oct 2023, A Crypto detective reported & confirmed that an unknown hacker successfully drained nearly $6.5 million worth of crypto assets from the known crypto wallet of Fantom Foundation. 

Crypto security firm Certik reported that hackers drained nearly $657,000 worth of crypto assets. 

Currently, the Fantom network has over $45 million in assets locked within its contracts but here people need to know that it is a wallet-related hack, not a network. So here all the funds locked in smart contracts are safe & people don’t need to worry.

So far the Fantom team has not responded to this hack incident, so here we can’t tell exactly the loss amount that Fantom Foundation suffered. 

FTM price action

FTM is the native coin of the Fantom network. The trade price of this token crashed 5% following this news, as we can see in the token price graph.

Fantom Foundation's crypto wallet hacked 1

Hacking attacks on crypto companies are a usual thing nowadays. In the past couple of years, it has been found that the majority of the hacked mainly targeted decentralised finance (Defi) protocols, as the crypto Defi sector is new with several vulnerabilities for the exploiters.

Recently a Bitcoin ordinals focused platform Ordswap faced hack attack & the hacker hijacked official website domain.

Read also: Grayscale expects approval for its Bitcoin spot ETF in within 5 days