10 months ago
In the aftermath of Fantom’s $550,000 hack successful October, a information researcher recovered that the attacker could person stolen arsenic overmuch arsenic $170 million.
The Fantom Foundation, a nonprofit enactment processing the Fantom blockchain platform, has eliminated a important vulnerability aft a $550,000 hack successful October.
On Oct. 17, the Fantom Foundation suffered a blistery wallet hack, with an chartless attacker draining 1% of Fantom Foundation’s funds. The instauration subsequently stopped utilizing immoderate of the affected wallets, reassigning them to a Fantom employee, making it a “targeted attack.”
Following the incident, an unnamed information researcher found an further imaginable hazard associated with the hack and alerted the Fantom Foundation, according to a blog station connected Nov. 20. The vulnerability was associated with a dormant admin token for Fantom’s ERC-20 FTM contract, which could perchance let the attacker the quality to mint a information of Fantom (FTM) for themselves connected Ethereum.
According to the Fantom Foundation, the discovered vulnerability could person allowed the hacker to drain $170 cardinal utilizing the wallet access. The enactment said the worth of the imaginable nonaccomplishment is based connected the token terms astatine the clip of the hack, “though this estimation does not see the market’s insufficient liquidity to sorb the tokens fully.”
The Fantom Foundation said that the vulnerability was “mitigated quickly,” and the enactment awarded the unnamed researcher $1.7 cardinal successful designation of the contribution. The announcement added:
“The Fantom Foundation is dedicated to upholding the highest information standards for our platform, and we stay grateful for the information researchers who lend to this effort.”The Fantom Foundation did not instantly respond to Cointelegraph’s petition for comment.
Related: Poloniex says hacker’s individuality is confirmed, offers past bounty astatine $10M
Despite the Fantom Foundation losing fractional a cardinal to a hack 1 period ago, the Fantom token has risen implicit the past 4 weeks. The token has added 82% of worth since Oct. 17, trading astatine $0.31 astatine the clip of writing, according to CoinGecko. The token is besides up 78% implicit the past year, according to the data.
Fantom (FTM) token 90-day terms chart. Source: CoinGeckoLaunched successful precocious 2019, the Fantom web is simply a blockchain protocol that enables users to physique and deploy decentralized applications (DApps). The Fantom Foundation’s Opera is simply a permissionless blockchain compatible with the Ethereum Virtual Machine, which allows users to interact with the Fantom web connected MetaMask, a starring self-custodial cryptocurrency wallet.
Fantom’s caller $550,000 hack isn’t the archetypal onslaught connected the Fantom Foundation oregon its users. In July 2023, Fantom suffered a monolithic multichain span hack, which resulted successful the nonaccomplishment of $126 cardinal worthy of cryptocurrency. Fantom creator Andre Cronje subsequently claimed that the Fantom squad was misled astir the existent information level of Multichain, which ceased operations successful mid-July 2023.
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