A $550K hot wallet hack occurred on Fantom Foundation.
In a significant setback, the Fantom Foundation experienced a loss of $550,000 in cryptocurrency due to a vulnerability found in its official Fantom wallet . Confirming the breach on X, the Foundation asserted that the majority of the pilfered funds belonged to other users, emphasizing that 99% of the Foundation’s overall funds remained secure. An ongoing investigation is underway to scrutinize the nature of the attack. Initial reports from blockchain security researchers suggested a theft amounting to approximately $7 million in crypto. However, the Fantom Foundation released an official statement clarifying that certain wallets marked as “Fantom: Foundation wallet” were erroneously labeled by block explorers. Notably, not all the funds that were taken originated from the Foundation. The team explained that some of the initially affected wallets had been reassigned to a Fantom employee and were no longer repositories of company funds. The investigation continues to u...