Photo of Fantom Foundation's hot wallet being hacked for $550K.
Fantom Foundation hot wallet hacked for $550K

Investing in Web 3.0

The Fantom Foundation, which is responsible for the Fantom network, was recently hacked and lost over $550,000 of cryptocurrency. The foundation confirmed the attack, saying that most of the stolen funds belonged to other users, and that 99% of their funds remain safe. The team is currently investigating the attack.

At first, blockchain security researchers reported that the attacker had stolen around $7 million in crypto. However, the Fantom Foundation later clarified that some of the wallets labeled as “Fantom: Foundation wallet” had been mislabeled by block explorers, and that not all of the stolen funds were from the foundation. Some of the wallets had been reassigned to a Fantom employee, and were no longer holding company funds. The team is currently investigating the attack to determine how the wallets were compromised.

The Fantom network is an Ethereum Virtual Machine-compatible smart contract platform, and has over $45 million in assets locked within its contracts, according to DefiLlama. The attack was against the foundation and other Fantom wallet users, not against the Fantom network.

On October 17, On-chain sleuth Spreek reported that the foundation was “allegedly” attacked, based on a report from Telegram. They listed the hacked wallets and estimated losses at $6.7 million, but also stated that the drained funds may have included other sources outside the Fantom Foundation.

If you’re interested in investing in Web 3.0, you may be wondering how to buy Web 3.0 domains, how to build a Web 3.0 website, and how to invest in Web 3.0. It’s important to understand the history of Web 1.0, Web 2.0, and Web 3.0, and how they differ from one another. Web 3.0 is a decentralized platform, and it is different from Web 2.0 in that it is more secure and offers more privacy.

CertiK, a blockchain security platform, recently confirmed that the Fantom Foundation had been hacked, with initial losses estimated at $657,000, later revised to approximately $7 million. Analysis of the blockchain data revealed that an account labeled “Fantom Foundation Wallet 1” sent over 2,000 CVX, 1,000 Dai (DAI), 4,500 USD Coin (USDC) and other tokens to a wallet labeled “Fake_Phishing188024”, while an account labeled “Fantom Foundation Wallet 20” sent over 1 million FTM (FTM) to an account labeled “Fake_Phishing32”. This suggests that the team’s private key was stolen, as development teams rarely send funds to known scam accounts.

If you are interested in learning more about Web 3.0 and how to invest in it, you can find out how to buy Web 3.0 domains, how to build a Web 3.0 website, the history of Web 1.0, 2.0 and 3.0, and how Web 2.0 and Web 3.0 differ. Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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