The Fantom Foundation, developers of the Fantom network, have reportedly been hacked, with over $6.7 million worth of cryptocurrency stolen. The attack was carried out by an account labeled “Fake_Phishing188024”, which received over 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet.
Fantom Foundation Becomes the Latest Victim of a Phishing Scam
The attack was reported by on-chain sleuth Spreek on X (formerly Twitter), who estimated the losses at $6.7 million.
However, blockchain security platform CertiK estimated the losses to be only $657,000.
The Fantom Foundation, known for developing the Fantom network, operates a smart contract platform compatible with the Ethereum Virtual Machine (EVM). The platform currently holds assets exceeding $45 million within its contracts. It’s important to note that the recent attack was targeted at the foundation itself, not the Fantom network.
In addition to the CVX tokens, 1,000 Dai (DAI), 4,500 USDC (USDC), and other tokens were sent to the “Fake_Phishing188024” wallet. More than 1 million Fantom (FTM) tokens were transferred from Wallet 20, owned by the Fantom Foundation, on the Fantom network. The recipient of this substantial transfer was an account identified as “Fake_Phishing32”.
This situation typically suggests that the team’s private key may have been compromised. As of the time this information was made available, there has been no official statement from the team about the incident.
In a separate incident earlier this year, an employee of the Fantom Foundation reportedly lost at least $7 million in crypto after falling victim to a zero-day exploit in the Chrome browser. According to Fantom Foundation Director Andre Cronje, the employee’s personal funds were stolen; however, all foundation funds are believed to be secure.
As of the moment, the team has yet to release any official statement about the incident. According to a post by Spreek on X, it appears that funds from Fantom wallets 16 and 19 have been depleted.
