Fantom Foundation Loses Hundreds of Thousands in Crypto Attack
The Fantom Foundation, a blockchain platform known for its innovative solutions, confirmed that it fell victim to a significant crypto attack on October 17. This cyber incident resulted in the loss of hundreds of thousands of dollars’ worth of cryptocurrency, including a substantial amount from Fantom Foundation funds.
The announcement was made public via Fantom’s official Twitter account, where the project addressed the unfortunate incident with transparency:
— Fantom Foundation (@FantomFDN) October 17, 2023
“We are aware of reports indicating a small number of Fantom wallets were compromised earlier today. At this juncture, we can confirm the wallets in question were affected, including $550K in Fantom Foundation funds.”
The Fantom Foundation assured the crypto community that the attack had not compromised a significant majority of their holdings, with over 99% of their funds remaining secure. This revelation offered some relief to Fantom supporters, showing that the project remains resilient in the face of adversity.
Notably, the foundation also disclosed that an employee wallet, previously mistaken for belonging to the Foundation, was among the affected accounts. It referred to this as a “targeted personal attack” and pledged to track and investigate the status of the employee’s funds.
While initial reports suggested that the attack may have exploited a zero-day vulnerability in the popular web browser Google Chrome, Fantom emphasized that they are still in the process of investigating the nature and origin of the attack. The use of such a browser exploit would be a cause for concern, as it could potentially expose other users to similar attacks if not promptly addressed.
In the wake of the incident, independent crypto commentator Spreek shared a message that had originally been posted by an admin on Fantom’s Telegram channel. This message delved into the possible involvement of a Google Chrome vulnerability in the attack.
Separate reports by Spreek also indicated that one of the attacker’s wallets had at one point held a staggering $6.7 million. However, it remains unclear whether all of these funds are directly related to the attack in question.
total attacker profit (may not all necessarily be from fantom or related wallets) seems to be ~$6.7m pic.twitter.com/0rkDHULsdI
— Spreek (@spreekaway) October 17, 2023
Furthermore, Spreek uncovered the grim reality that multiple Fantom employee wallets had been victimized, including one team member who lost a substantial $3.4 million. This highlights the personal and financial toll that these attacks can take on individuals within the crypto industry.
Additional reports from CertiK suggested that the attacker had consolidated the stolen funds into another Ethereum address, which now holds a substantial $7.0 million. This raises questions about the security of funds within the cryptocurrency ecosystem and the challenges faced by projects and individuals in safeguarding their assets.
The Fantom Foundation has not disclosed whether they will seek any legal action or attempt to recover the stolen funds. Nevertheless, this incident underscores the ongoing need for heightened security measures within the crypto space and the importance of prompt investigations to identify vulnerabilities and address potential threats.
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