Could the Fantom Foundation have fallen victim to a cyber-attack, losing approximately $6.7 million in the process? This is the question that has been making the rounds in the cryptocurrency community. This developer of the Fantom network is rumoured to have been Fantom Foundation hacked, with over $6.7 million worth of digital currency allegedly siphoned off.
Unveiling the Cyber-Heist
Blockchain analytics revealed an unusual transfer of over 2,000 Convex (CVX) tokens and other cryptocurrencies from a Fantom Foundation wallet to an account dubbed “Fake_Phishing188024”. This peculiar activity was brought to light by on-chain investigator, Spreek, who reported the breach on social media platform X, previously known as Twitter. While Spreek estimated the losses to be around $6.7 million, cybersecurity firm CertiK suggests a much lower figure of $657,000. The Fantom Foundation is yet to verify these claims.
The Fantom Foundation and the Fantom Network
The Fantom Foundation is the driving force behind the Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. The network boasts over $45 million worth of assets secured within its contracts, according to DeFiLlama. It’s crucial to note that the alleged cyber-attack was targeted at the foundation, not the Fantom network itself.
Further Investigation into the Breach
Spreek’s report indicated that the Fantom Foundation was “allegedly” attacked, based on a tip-off from Telegram. The on-chain investigator also provided a list of the compromised wallets and estimated losses at $6.7 million, although these funds might have originated from other sources outside the Fantom Foundation. Blockchain security firm CertiK confirmed the attack but disputed the loss estimates, placing them at a much lower $657,000.
Analysis of the blockchain data revealed that the Fantom Foundation Wallet 1 on Ethereum dispatched over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC), and other tokens to the “Fake_Phishing188024” account. Additionally, Fantom Foundation Wallet 20 on the Fantom network transferred over 1 million Fantom (FTM) tokens to an account labelled “Fake_Phishing32”. This kind of transaction usually suggests a stolen private key.
While the development team is yet to issue a statement about the incident, Spreek mentioned that Fantom wallets 16 and 19 were also drained of funds. This story is still developing, and more details will be provided as they emerge.
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