Fantom Foundation hacked for an estimated $6.7M: Report

Fantom Foundation’s wallet was reportedly drained of funds by a “Fake_Phishing” account.

Fantom Foundation, developers of the Fantom network, have reportedly been hacked for over $6.7 million worth of cryptocurrency. 

Blockchain data shows that an address labeled “Fake_Phishing188024” was sent over 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet. On-chain sleuth Spreek reported the attack on X (formerly Twitter) and estimated losses at $6.7 million. Security platform CertiK has estimated losses at only $657,000. The Foundation has yet to confirm the attack.

total attacker profit (may not all necessarily be from fantom or related wallets) seems to be ~$6.7m pic.twitter.com/0rkDHULsdI

— Spreek (@spreekaway) October 17, 2023

The Fantom Foundation is the developer behind Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. The network has over $45 million in assets locked within its contracts, according to DeFiLlama. The attack was against the foundation itself and not the Fantom network.

On October 17, on-chain sleuth Spreek reported that the foundation was “allegedly” attacked, based on a report from Telegram. They later listed the hacked wallets and estimated losses at $6.7 million, though the drained funds may have included other sources outside the Fantom Foundation. 

Related: Fantom DEX rescued at eleventh hour following planned shutdown

Blockchain security platform CertiK confirmed that the foundation had been hacked but estimated the losses at only $657,000. Delving into the blockchain data shows that Fantom Foundation Wallet 1 on Ethereum sent over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC) and other tokens to a wallet labeled “Fake_Phishing188024.” In addition, Fantom Foundation Wallet 20 on Fantom network sent over 1 million Fantom (FTM) tokens to an account labeled “Fake_Phishing32.” When a development team sends funds to a known scam account, this generally indicates that the team’s private key has been stolen. 

At the time of publication, the team has not yet made an announcement regarding the incident.

In their thread on X, Spreek stated that Fantom wallets 16 and 19 have been drained of funds as well.

This is a developing story, and further information will be added as it becomes available.

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