{"id":31104,"date":"2023-10-18T00:52:46","date_gmt":"2023-10-18T04:52:46","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31104"},"modified":"2023-10-18T00:52:46","modified_gmt":"2023-10-18T04:52:46","slug":"fantom-foundation-wallets-drained-more-pain-for-ftm-holders-as-prices-tank","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/18\/fantom-foundation-wallets-drained-more-pain-for-ftm-holders-as-prices-tank\/","title":{"rendered":"Fantom Foundation Wallets Drained, More Pain For FTM Holders As Prices Tank"},"content":{"rendered":"

Two Fantom Foundation wallets on Ethereum and the Fantom Network have fallen victim to a phishing attack, losing over $650,000, according to\u00a0reports<\/a>\u00a0from CertiK, a blockchain security firm. Another report by \u201cSpreakaway\u201d on X\u00a0alleges<\/a>\u00a0that one of Fantom\u2019s team members also lost $3.4 million.<\/p>\n

Fantom Foundation Falls Victim To Phishing Attack<\/h2>\n

Fantom Foundation is a non-profit organization dedicated to supporting the growth and development of the Fantom ecosystem. On the other hand, Fantom is a scalable, layer-1 blockchain that is compatible with Ethereum. Like the world\u2019s most valuable network, the platform supports the deployment of smart contracts. For clarity, Fantom\u2019s network was not hacked; the foundation\u2019s wallets were compromised.<\/p>\n

According to CertiK, the Fantom Foundation lost $470,000 on Fantom and at least $187,000 on Ethereum. Following the attack, Etherscan data show<\/a> that the scammers consolidated funds into one account, holding at least $7 million of various coins. The address has already been marked and identified as a facilitator of multiple phishing campaigns impacting crypto and decentralized finance (DeFi) projects.\u00a0<\/p>\n

Reports on Reddit\u00a0show<\/a> that Fantom Foundation fell victim to a \u201czero day\u201d exploit on Chrome, a web browser, resulting in the loss of hundreds of thousands worth of FTM. In a screenshot of a Telegram conversation said to have been shared by a Fantom admin, the foundation acknowledged that \u201csome\u201d of their wallets were \u201cdrained.\u201d They are actively tracking the movement of stolen funds.\u00a0<\/p>\n

Zero Day Exploit, FTM Sinks Even Lower<\/h2>\n

\u00a0A zero-day exploit is a vulnerability unknown to the developer or its tech team, who might be able to fix it. Because the flaw isn\u2019t known to the team, the threat actor can exploit it until it is patched. This is why zero-day exploits can be consequential, especially for DeFi protocols whose infrastructure relies on flawed software. <\/p>\n

In the same screenshot shared on Reddit, a representative of Fantom Foundation said they didn\u2019t update their browser to the latest version. The latest Chrome browser update, version 118.0.5993.70, was released<\/a>\u00a0on October 11.<\/p>\n

<\/a><\/p>\n

Following this news, FTM fell roughly 5% and is now rocking close to multi-month lows. If bears press on, the coin may drop below 2022 lows. <\/p>\n

As such, it will reverse all gains made in the first half of 2023. At this year\u2019s peaks, FTM prices rose to as high as $0.65 in February 2023 before contracting to spot rates. The coin is trading at approximately $0.17 and under intense selling pressure.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Two Fantom Foundation wallets on Ethereum and the Fantom Network have fallen victim to a phishing attack, losing over $650,000, according to\u00a0reports<\/a>\u00a0from CertiK, a blockchain security firm. Another report by \u201cSpreakaway\u201d on X\u00a0alleges<\/a>\u00a0that one of Fantom\u2019s team members also lost $3.4 million.<\/p>\n

Fantom Foundation Falls Victim To Phishing Attack<\/h2>\n

Fantom Foundation is a non-profit organization dedicated to supporting the growth and development of the Fantom ecosystem. On the other hand, Fantom is a scalable, layer-1 blockchain that is compatible with Ethereum. Like the world\u2019s most valuable network, the platform supports the deployment of smart contracts. For clarity, Fantom\u2019s network was not hacked; the foundation\u2019s wallets were compromised.<\/p>\n

According to CertiK, the Fantom Foundation lost $470,000 on Fantom and at least $187,000 on Ethereum. Following the attack, Etherscan data show<\/a> that the scammers consolidated funds into one account, holding at least $7 million of various coins. The address has already been marked and identified as a facilitator of multiple phishing campaigns impacting crypto and decentralized finance (DeFi) projects.\u00a0<\/p>\n

Reports on Reddit\u00a0show<\/a> that Fantom Foundation fell victim to a \u201czero day\u201d exploit on Chrome, a web browser, resulting in the loss of hundreds of thousands worth of FTM. In a screenshot of a Telegram conversation said to have been shared by a Fantom admin, the foundation acknowledged that \u201csome\u201d of their wallets were \u201cdrained.\u201d They are actively tracking the movement of stolen funds.\u00a0<\/p>\n

Zero Day Exploit, FTM Sinks Even Lower<\/h2>\n

\u00a0A zero-day exploit is a vulnerability unknown to the developer or its tech team, who might be able to fix it. Because the flaw isn\u2019t known to the team, the threat actor can exploit it until it is patched. This is why zero-day exploits can be consequential, especially for DeFi protocols whose infrastructure relies on flawed software. <\/p>\n

In the same screenshot shared on Reddit, a representative of Fantom Foundation said they didn\u2019t update their browser to the latest version. The latest Chrome browser update, version 118.0.5993.70, was released<\/a>\u00a0on October 11.<\/p>\n

<\/a><\/p>\n

Following this news, FTM fell roughly 5% and is now rocking close to multi-month lows. If bears press on, the coin may drop below 2022 lows. <\/p>\n

As such, it will reverse all gains made in the first half of 2023. At this year\u2019s peaks, FTM prices rose to as high as $0.65 in February 2023 before contracting to spot rates. The coin is trading at approximately $0.17 and under intense selling pressure.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31104","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31104"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31104\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31104"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}