Fantom Foundation wallets reportedly exploited $6.7million

Blockchain data revealed by On-chain sleuth, Spreek on X(formerly Twitter) points to the hacking of Fantom foundation wallets. According to Spreek, the attacker absconded with approximately $ 6.7 million in cryptocurrencies.

Onchain data show the draining of 3 known foundation wallets to a known scam account labeled Fake_Phishing188024.

Although the stolen cash might have come from sources other than the Fantom Foundation, they later disclosed the compromised wallets and calculated losses at $6.7 million.

Similarly, the blockchain security platform CertiK acknowledged that the foundation had been compromised, but it only calculated that $657,000 had been lost. Examining the blockchain data reveals that more than 2,000 Convex (CVX), 1,000 Dai (DAI), 4,500 USDC, and other tokens have been sent to a wallet known as “Fake_Phishing188024” by Fantom Foundation Wallet 1 on Ethereum. Furthermore, an account known as “Fake_Phishing32” received over a million Fantom (FTM) tokens from Fantom Foundation Wallet 20 on the Fantom network.

Some other non-tagged but related wallets possibly of team members were drained of funds, with one untagged wallet losing approximately $3.4 million.

When wallet funds are drained and sent to a known scam account, It is most likely that a developer’s private key has been stolen.

The Fantom network is a platform for smart contracts that is compatible with the Ethereum Virtual Machine (EVM), developed by the Fantom Foundation. According to DeFiLlama Fantom network has approximately $45 million in assets locked up in contracts. Fantom Foundation wallets were the target of the attack, not the Fantom network.

However, at the time of writing, Fantom Foundation has not released any statement regarding the attack.

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