Upon exposure to vulnerability from hackers, over $550,000 worth of cryptocurrency has been stolen from the Fantom Foundation, the developer of the Fantom network.
The foundation confirmed the attack on X and asserted that the majority of the taken funds belonged to other users and that 99.9% of the foundation’s funds remain secure. According to the statement, the team is currently investigating the assault.
Initially, blockchain security researchers reported that the attacker seized roughly $7 million in cryptocurrency.
Later, the Fantom Foundation issued an official statement explaining that some of the “Fantom: Foundation wallet” wallets were mislabeled by block explorers and that not all misappropriated funds belonged to the foundation.
According to the team, some of the affected purses once belonged to the foundation but had been transferred to a Fantom employee and no longer contained company funds.
The team is investigating the attack to determine how the compromised wallets occurred.
The Fantom Foundation is the creator of the Fantom network, a smart contract platform interoperable with the Ethereum Virtual Machine.
According to DefiLlama, the network has over $45 million in assets secured by its contracts. The attack targeted the Fantom Foundation and other Fantom wallet users but not the Fantom network itself.
