Fantom Foundation Faces Security Breach
Adekunle Joshua
Fantom Foundation, a leading layer one (L1) blockchain with a bustling DeFi ecosystem, recently fell victim to a network attack
The attack drained some employee wallets, resulting in a loss of $657k worth of Ethereum (ETH) and FTM
On-chain analysis by Certik reveals that 20 wallets associated with Fantom Foundation lost around $470k in FTM, while 18 other wallets saw losses amounting to $187k in Ether
The stolen funds have been consolidated in an address holding approximately 4,501 Ether, worth about $7 million
Surprisingly, the attack exploited a vulnerability previously unknown to the security team
The attacker seems well-versed in the DeFi ecosystem, evidenced by a notable Ether balance.