The post Fantom Foundation Exploit – How Hackers Stole Nearly $7M Right Under Their Noses appeared first on Coinpedia Fintech News

• In a devastating blow, the Fantom Foundation falls victim to an exploit draining millions from its wallets across Ethereum and Fantom.

Blockchain security firm CertiK Alert reported that Fantom Foundation wallets were recently compromised. The exploit resulted in major losses across Ethereum and Fantom.

According to CertiK, the Foundation lost around $470,000 in FTM tokens and at least $187,000 in ETH after a security exploit. Additionally, the stolen funds have been consolidated into a wallet holding 4,501 ETH valued at nearly $7 million.

An administrator on Fantom’s Telegram cited a zero-day Chrome exploit allowing the foundation wallets to be drained. While total losses are still being confirmed, initial amounts are estimated in the hundreds of thousands.

On October 17, on-chain sleuth Spreek reported that the foundation was “allegedly” attacked, based on a report from Telegram. They later listed the hacked wallets and estimated losses at $6.7 million, though the drained funds may have included other sources outside the Fantom Foundation.

The breach impacted Fantom Foundation as a whole

Fantom develops the EVM-compatible smart contract platform for the Fantom network. The breach impacted the foundation itself rather than the blockchain.

According to crypto commentators, the hacker demonstrated familiarity with DeFi protocols in unwinding complex positions from the compromised wallet, originally holding over $3 million.

This high-profile incident highlights the ongoing threat of security vulnerabilities, even for major organizations. As cyber attacks grow more sophisticated, proactive measures to protect funds remain essential across the crypto landscape.

The foundation’s representatives have stated they are actively tracking the lost assets. The community awaits further details on the extent of the exploit’s damage as the investigation continues.