Fantom Foundation Wallets Drained, More Pain For FTM Holders As Prices Tank
October 17 2023 - 8:00PM
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Two Fantom Foundation wallets on Ethereum and the Fantom Network
have fallen victim to a phishing attack, losing over $650,000,
according to reports from CertiK, a blockchain security
firm. Another report by “Spreakaway” on X alleges that
one of Fantom’s team members also lost $3.4 million. Fantom
Foundation Falls Victim To Phishing Attack Fantom Foundation is a
non-profit organization dedicated to supporting the growth and
development of the Fantom ecosystem. On the other hand, Fantom is a
scalable, layer-1 blockchain that is compatible with Ethereum. Like
the world’s most valuable network, the platform supports the
deployment of smart contracts. For clarity, Fantom’s network was
not hacked; the foundation’s wallets were compromised. Related
Reading: Time To Cash Out? Bitcoin’s 4-Hour RSI Triggers Sell
Indicator According to CertiK, the Fantom Foundation lost $470,000
on Fantom and at least $187,000 on Ethereum. Following the attack,
Etherscan data show that the scammers consolidated funds into one
account, holding at least $7 million of various coins. The address
has already been marked and identified as a facilitator of multiple
phishing campaigns impacting crypto and decentralized finance
(DeFi) projects. Reports on Reddit show that Fantom
Foundation fell victim to a “zero day” exploit on Chrome, a web
browser, resulting in the loss of hundreds of thousands worth of
FTM. In a screenshot of a Telegram conversation said to have been
shared by a Fantom admin, the foundation acknowledged that “some”
of their wallets were “drained.” They are actively tracking the
movement of stolen funds. Zero Day Exploit, FTM Sinks Even
Lower A zero-day exploit is a vulnerability unknown to the
developer or its tech team, who might be able to fix it. Because
the flaw isn’t known to the team, the threat actor can exploit it
until it is patched. This is why zero-day exploits can be
consequential, especially for DeFi protocols whose infrastructure
relies on flawed software. Related Reading: Shiba Inu Whale Moves
$32.4 Million In SHIB, Large Sell Incoming? In the same screenshot
shared on Reddit, a representative of Fantom Foundation said they
didn’t update their browser to the latest version. The latest
Chrome browser update, version 118.0.5993.70, was released on
October 11. Following this news, FTM fell roughly 5% and is now
rocking close to multi-month lows. If bears press on, the coin may
drop below 2022 lows. As such, it will reverse all gains made in
the first half of 2023. At this year’s peaks, FTM prices rose to as
high as $0.65 in February 2023 before contracting to spot rates.
The coin is trading at approximately $0.17 and under intense
selling pressure. Feature image from Canva, chart from TradingView
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