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Fantom Foundation Suffers Major Hack, Losing $6.7 Million in Digital Assets

The Fantom Foundation, an organization dedicated to building the Fantom network, recently experienced a hacking incident resulting in a significant loss of approximately $6.7 million worth of digital assets. This incident was brought to light by on-chain investigator Spreek, who reported it based on information obtained from a Telegram report. However, it is important to note that the information provided was classified as an “alleged” hacking scenario.

Thanks to the AI legalese decoder, analyzing and understanding the legal implications of this situation becomes easier. By utilizing artificial intelligence and natural language processing, the decoder can assist in dissecting the legal jargon surrounding the incident. This tool can help individuals and organizations navigate through complex legal matters, such as potential liabilities and obligations arising from the hack.

The specific wallets compromised in the attack have been identified, with initial estimations pointing to a loss of approximately $6.7 million. However, it is worth noting that the stolen funds may include assets that are not directly linked to the Fantom Foundation.

Certik, a blockchain security firm, initially estimated that the attackers were able to siphon off nearly $657,000 worth of crypto assets as a result of the Fantom Foundation incident. However, this figure was later updated to approximately $7 million. Certik states that the attacker carried out transactions from the Fantom Foundation’s wallets on both the Ethereum and Fantom networks.

During their investigation, Certik identified two wallets, Wallet 20 and 18, that were involved in the attack. The net loss in this case amounted to approximately $470,000 in FTM (Fantom’s native token) and around $187,000 in ETH. Certik acknowledged Spreek for providing crucial information about the attack.

Further examination of blockchain data revealed that Fantom Foundation Wallet 20 on the Fantom network transferred over 1 million FTM tokens to an address labeled “Fake_Phishing32.”

Additional information indicates that the attack impacted Fantom Foundation wallets 1, 16, 18, and 19. Some non-tagged wallets were associated with team members, and one wallet linked to a team member was drained of over $3.4 million. The attacker’s address currently holds a total of 4,501.58 ETH, equivalent to $7 million.

Moreover, on the Ethereum network, Wallet 1 sent over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC, and other tokens to a wallet labeled “Fake_Phishing188024.”

Fantom Foundation Faces Targeted Attack, Majority of Funds Remain Secure

Later, the Fantom Foundation confirmed that it and its employees collectively suffered a loss of hundreds of thousands of dollars’ worth of crypto in the attack.

The foundation clarified that only a small number of Fantom wallets were compromised, resulting in the loss of approximately $550,000 in Fantom Foundation funds. The majority of the Fantom Foundation’s funds, over 99% of the total, remain untouched and secured.

The foundation also noted that some of the affected addresses labeled as “Foundation Wallets” were no longer in use and had been reassigned to a Fantom employee. This suggests that the incident was a targeted personal attack.

Assuring its users, the foundation emphasized that their funds are safe and that all necessary measures are being taken to prevent future attacks. The exact mechanism behind the attack is still under investigation, but early reports suggest that it may have resulted from a zero-day exploit via Google Chrome.

With the help of the AI legalese decoder, individuals and organizations dealing with the aftermath of this hack can efficiently navigate through legal complexities, understand potential implications, and make informed decisions regarding their next steps.

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