Fantom Foundation Reportedly Suffers Hack Valued at Over $7,000,000 in Ethereum (ETH) and FTM

Blockchain security experts have reported a significant exploit affecting the organization supporting Fantom (FTM), a rival to Ethereum (ETH).

As per CertiK Alert posts on the social media platform X, it has been reported that wallets associated with the Fantom Foundation have recently been drained of both ETH and FTM cryptocurrencies.

"Fantom Foundation wallets on both Ethereum and Fantom networks have been compromised.

Thus far, our confirmation includes:

• Fantom: Foundation Wallet 20 suffered an approximate loss of $470,000 in FTM.
• Fantom: Foundation Wallet 18 incurred losses of at least approximately $187,000 in ETH.

We will continue to monitor the situation."

According to the pseudonymous online analyst Spreek, the total amount obtained by the attacker, which may not all necessarily be from Fantom or related wallets, appears to be around $6.7 million.

CertiK Alert has additionally disclosed the Ethereum address of the suspected attacker:

"The pilfered funds have been consolidated into the Ethereum address EOA 0x0b1, which now holds 4,501.48 ETH (approximately $7 million)."

In a recent report, blockchain security firm Beosin EagleEye revealed that a staggering $889,260,000 in cryptocurrency was lost to hacks, scams, and rug pulls in the third quarter of 2023.

"Out of these incidents, 43 major attacks led to a cumulative loss of approximately $540.16 million. Phishing scams accounted for losses totaling around $66.15 million, and there were 81 rug pulls resulting in a combined loss of approximately $282.96 million.

Notably, the losses in Q3 2023 surpassed the total losses in the first half of the year. The losses were approximately $330 million in Q1 2023 and $333 million in Q2 2023, but they escalated to an alarming $889.26 million in Q3."

Oct 19, 2023