<\/p>\n
The Fantom Foundation has been drained of hundreds of millions of dollars from its crypto wallets by a phishing scammer, according to blockchain security firm CertiK.<\/p>\n
Fantom is a smart contract and Dapp platform focused on enhanced speed, making transactions more efficient than other layer-one blockchains like Ethereum. Tuesday\u2019s hack affects only the Fantom Foundation \u2013 not the blockchain itself.<\/p>\n
The foundation, which oversees development for the Fantom blockchain, lost at least $470,000 on Fantom and another $187,000 on Ethereum. According to CertiK<\/a>, stolen funds have now been consolidated into a wallet holding roughly 4,500 ETH, worth approximately $7 million.<\/p>\n \u201cEstimated loss is ~$7m across multiple wallets,\u201d said<\/a> CertiK.<\/p>\n On-chain data shows that the hacker\u2019s wallet<\/a> has received a variety of tokens from Fantom, including ETH, Tether (USDT), USD Coin (USDC), Dai stablecoin (DAI), Convex token (CVX), Fantom USD (FUSD), and others.<\/p>\n According to pseudonymous on-chain sleuth Spreek<\/a>\u2014who was cited by CertiK on Twitter\u2014Fantom\u2019s wallets may have lost as much as $6.7 million, though this amount has not yet been confirmed. A wallet possibly belonging to a team member, they said, lost $3.4 million, and other non-tagged wallets that appear to be controlled by foundation team members were also affected.<\/p>\n \u201cNotably they unwound a lot of fairly complex DeFi stuff on it, so probably someone quite familiar with DeFi ecosystem,\u201d wrote<\/a> Spreek about the hacker.<\/p>\n Neither Certik nor the Fantom Foundation immediately responded to Decrypt\u2019s request for comment.<\/p>\n The Fantom token (FTM) price fell 4.52% on Tuesday following the hack, sinking from $0.1855 to $0.1771 \u2013 a near seven-day low.<\/p>\n The culprit behind the Fantom hack remains unknown. But a host of multi-million dollar crypto hacks over the past few months have been traced back to the North Korean Lazarus Group. Blockchain investigators at Elliptic say the organization was likely behind the $54 million CoinEX trading platform hack in September, and the $100 million Atomic wallet hack<\/a> in June.<\/p>\n According to Elliptic<\/a>, the group is re-centering its focus on hacking centralized entities over decentralized finance protocols by using social engineering attacks.<\/p>\n Lazarus is also a possible suspect in the $477 million FTX hack from back in November, though Elliptic thinks Russian entities are a more likely culprit.<\/p>\nWho is Behind the Hack?<\/h2>\n
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