March 27, 2024
Fantom Foundation Loses $550,000 in Wallet Breach, Assures Safety of Majority Treasury
Latest Cryptocurrency News

Fantom Foundation Loses $550,000 in Wallet Breach, Assures Safety of Majority Treasury

Fantom Foundation acknowledged on Tuesday that a “small number” of its wallets had been infiltrated, resulting in losses of about $550,000.

The organization said in a statement on X, formerly Twitter, that 99% or more of the Foundation’s finances are safe and undamaged.

According to those numbers, the remaining $55 million in its treasury is unaffected.

A Google Chrome zero-day attack has revealed potential vulnerabilities through preliminary studies. Fantom claimed that investigators are still looking into the precise reason and technique for the intrusion.

The wallets that were impacted still had the name “Foundation Wallets,” but they were no longer used for organizational purposes.

The fact that a Fantom employee was in charge of these wallets suggests that the attack was more targeted than general, the business claimed.

“A Fantom employee’s wallet was compromised. Some of these impacted wallets were labelled “Foundation Wallets”, but they were no longer being utilized by the organization and had been reassigned to a Fantom employee, making this a targeted personal attack,” it stated.

Although the Foundation made an effort to convey its confidence in the security of its major finances, questions remain over the security of reassigning foundation wallets to employees and the targeted nature of the attack.

Reassigned wallets should ideally have strict security measures in place, especially those that are under the control of staff, raising concerns about internal security procedures.


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