Fantom Foundation Suffers Third-Party Hot Wallet Exploit

The blockchain platform reportedly suffered a significant security breach that siphoned off crypto assets.

Human with a hoodie and hackers standing in front of a blockchain network while money and computers is flying around
  • Blockchain platform Fantom Foundation suffered a major wallet exploit.
  • The firm claims all foundation funds are secure.
  • Fantom Foundation is investigating the incident and tracking asset movement.

Security breaches and cyberattacks persist as looming threats in the cryptocurrency industry, casting a shadow of uncertainty and disruption on fledgling startups and established giants alike. 

Joining the list of victims is the blockchain platform Fantom Foundation TG group, which recently lost a substantial quantity of funds to a third-party security exploit.

Fantom Loses Assets to Chrome Exploit 

On October 17th, an admin account on the Fantom telegram channel reported that the blockchain platform had fallen victim to a zero-day security exploit on google chrome.

A report by admin account on the Fantom Telegram channel about a security exploit.

The exploit, which reportedly stemmed from an attack targeting one of Fantom’s employees, granted the attacker unauthorized access to some of Phantom’s hot wallets, resulting in the loss of approximately $7 million in crypto assets.

While Fantom Foundation has reassured its users that most of its assets are securely stored in cold wallets and unaffected, the firm has yet to disclose the full extent of the exposed vulnerability. 

The firm emphasized that a team is investigating the incident and tracking the movement of the lost assets.

Read more on some of the most notable cyber attacks within the crypto industry:
New Lazarus Group Malware Threat Places Crypto On High Alert

To discover the latest in Binance’s ongoing regulatory debacle, read here:
Binance Suspends Operations In UK Amidst Regulatory Shift

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.