Coinspeaker
Fantom Foundation Wallets Drained about $657k in Ether and FTM
Fantom Foundation, the developer of a leading layer one (L1) blockchain with a vibrant DeFi ecosystem that has more than $40 million in total value locked (TVL), experienced a network attack that drained some of the employees’ wallets. According to an on-chain analysis compiled by Certik, wallets associated with the Fantom Foundation were drained about $657k worth of Ethereum (ETH) and its native token FTM. Specifically, Certik reported that 20 wallets lost approximately $470k in FTM and 18 different wallets lost attests $187k in Ether.
As of reporting time, the stolen funds have been consolidated in an address holding about 4,501 Ether worth approximately $7 million, hence making the hack a personal attack exploiting weak security designs. Moreover, the Fantom Foundation team has admitted the attack used a vulnerability that was previously unknown to the security team, despite the majority of the wallets not
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