After Fantom was hacked in October, their loss was $550,000. Yet, a security investigator revealed the hacker could have taken up to $170 million.
Post-hack, the non-profit Fantom Foundation made the Fantom blockchain platform safer. They sorted a big flaw following the October hack, which cost them $550,000.
On the 17th of October, it experienced a hot wallet hack. An unidentified hacker took away 1% of the Foundation’s money. After that, the Foundation ceased operating the wallets affected. They transferred them to a it worker. This makes it seem like a “targeted attack.”
After the event, a security expert who wished to remain anonymous uncovered more potential dangers linked to the hack. This was reported to the it via a blog entry on the 20th of November.
Risk related to dormant admin token for Fantom’s ERC-20 FTM contract; exploiting it, hackers could generate unauthorized it on Ethereum. The Fantom Foundation reported a potential glitch that could have enabled a hacker to swipe $170 million through wallet access.
They explain that this hefty sum is calculated from the token value when the hack could have happened. But, they also noted that this doesn’t consider how the market might not be able to handle all the tokens.
It reported swiftly, addressing the issue, and rewarded the unidentified investigator with $1.7 million as a token of appreciation for their input. They further state:
“Our commitment at the Fantom Foundation is ensuring our platform’s utmost security level, and the assistance from security researchers makes this possible. We appreciate them immensely.”
Fantom Token Soars Despite Recent $550K Hack
Even after the Fantom Foundation lost half a million due to a breach in security a month ago, the Fantom token’s value surged within the last four weeks.
Its impressive 82% increase was recorded since Oct. 17; related data from CoinGecko showed it traded at $0.31. Yearly data indicates the token’s value climbed 78% in the past year.
It Network, launched at the end of 2019, is a blockchain system allowing anyone to create and use decentralized apps (DApps). The Fantom Foundation’s Opera, a non-restrictive blockchain, complements the Ethereum Virtual Machine effectively.
This implies that users may access the Fantom network using MetaMask, a top-rated safe cryptocurrency wallet. Recently, It experienced a $550,000 hack. This isn’t new. The Fantom Foundation and its users have been targeted before. Take, for instance, July 2023.
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There was a huge multichain bridge hack that caused Fantom a loss of $126 million in cryptocurrency. Afterward, Andre Cronje, the man behind Fantom, shared how Multichain’s security level fooled the Fantom team. Multichain, after all, stopped running in mid-July 2023.