HomeNEWSFantom Foundation suffers exploitation on its wallets

Fantom Foundation suffers exploitation on its wallets


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Today, a scalable blockchain firm, Fantom Foundation has endured an attack on its wallets. According to the Foundation’s Telegram page, the attacker drained the assets in the wallets, thereby leaving the community in a state of disarray.

In addition, a reputable blockchain cyber security firm, Certik also confirmed the attack. According to Certik, Fantom lost about $657,000 to the phishing attack. As revealed, the hacker transfered funds from Fantom wallets to an unknown destination. However, the protocol is yet to make any official announcement regarding this attack as of press time. But, there are indications that it will launch a swift investigation to unravel the circumstances that led to the attack.

Also, the blockchain data revealed that over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC) were transferred from Fantom wallet 1 on Ethereum to the hackers wallet. Also, the attacker moved $1 million worth of Fantom tokens (FTM) from the Foundation Wallet 20.

Fantom and its collaboration with Kucoin

Before this attack, Fantom collaborated with various notable web3 wallets to expand its outreach. In March this year, it partnered with KuCoin, a secured web3 wallet. As revealed, the partnership empowers users to discover and invest in dApps within Fantom network.

Similarly, the partnership would allow users to enjoy access to native assets on the network. In addition, users will also be provided with an avenue to track real-time assets in a simplified way from all supported devices. According to Kucoin, the partnership was driven by Fantom’s speed in carrying out transactions and its minimal fees.

Also, Kucoin noted that the protocol remains determined to provide innovations that combine scalability, security, and decentralization. Fantom is described as a platform that focuses on revolutionizing users’s experience.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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