The Fantom Foundation, developers of the Fantom Network, were hacked and more than $550,000 worth of cryptocurrency was lost. The foundation confirmed the attack on X (formerly Twitter), claiming the loss was less than 1% of its funds. The team also claimed that other users of the Fantom wallet were also compromised.
— Fantom Foundation (@FantomFDN) October 17, 2023
Blockchain security researchers initially reported that attackers stole approximately $7 million in cryptocurrency. The Fantom Foundation subsequently issued an official statement stating that some wallets labeled “Fantom: Foundation Wallet” were mislabeled by block explorers, and not all stolen funds came from the Foundation. According to the team, some of the affected wallets originally belonged to the foundation but were later reassigned to Fantom employees and no longer hold company funds. The team is currently investigating the attack, trying to determine how the wallet was compromised.
The Fantom Foundation is the developer behind the Fantom Network, a smart contract platform compatible with the Ethereum Virtual Machine (EVM).network have According to DeFiLlama, more than $45 million in assets is locked in its contracts. This attack targeted the Foundation and other Fantom wallet users, not the Fantom network.
Blockchain data shows that an address labeled “Fake_Phishing188024” sent more than 2,000 CVX and other cryptocurrencies from an address that Etherscan labeled as belonging to the Fantom Foundation. On-chain detective Spreek reported an attack on X and estimated the damage at $6.7 million. Security platform CertiK also estimated losses to be around $7 million.
Total attacker profits (not necessarily all from fantom or related wallets) appear to be around $6.7 million pic.twitter.com/0rkDHULsdI
— Speakaway (@speakaway) October 17, 2023
On October 17, Spreek reported that the foundation was “allegedly” under attack, according to a Telegram report. They later listed the compromised wallets and estimated the loss at $6.7 million, but also said the lost funds may have come from sources other than the Fantom Foundation.
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Blockchain security platform CertiK comfirmed The foundation has been hacked. Certik initially estimated losses at $657,000, but later renew This figure equates to approximately $7 million taken by the attackers. A deeper dive into the blockchain data revealed that the account was flagged by Etherscan as “Fantom Foundation Wallet 1” transmit More than 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC) and other tokens were deposited into the wallet labeled “Fake_Phishing188024”. Additionally, the account was flagged by the Fantom web block explorer as “Fantom Foundation Wallet 20” transmit Over 1 million Fantom (FTM) tokens were sent to an account tagged “Fake_Phishing32”. When a development team sends funds to a known scam account, it usually means that the team’s private keys have been stolen.
The Fantom Foundation confirmed the attack on X, claiming that most of the stolen funds belonged to other users and that 99% of the foundation’s funds remained safe. They said the team is currently investing in the attack.
Update October 17, 6:40 UTC: This article has been updated to include the Fantom Foundation’s official statement regarding X.
Update October 17, 5:55 PM UTC: This article has been updated to show that CertiK has increased its estimate of total losses and to provide a statement from the administrator of the Fantom Telegram group.
This is a developing story and more information will be added as it becomes available.
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