Fantom Foundation Faces Security Breach, Loses $657,000 Due to Google Chrome Exploit. About 35 wallets on Fantom and Ethereum networks impacted, but primary assets in cold wallets stay safe.
In recent times, the blockchain world has faced its share of challenges, and the Fantom Foundation is the latest to be affected. They’ve experienced a major security breach caused by hackers taking advantage of a previously unknown flaw in the widely used Google Chrome browser.
The outcome was swift and severe: an unauthorized transfer of about $657,000 in funds. This incident affected more than 35 wallets connected to both the Fantom and Ethereum networks, raising concerns about the security of blockchain technology.
Community Discovery and Concerns
The news of the breach started within the Fantom Foundation’s internal community discussions, mainly on the messaging platform Telegram. Users who were part of the foundation were the first to notice and share their concerns about strange financial irregularities they had noticed.
In the midst of this chaotic situation, there was a positive aspect. The foundation’s main assets, kept in cold wallets (offline storage that’s not vulnerable to online hacking), remained safe. This provided some reassurance during this challenging time.
CertiK, the official entity responsible for blockchain security, conducted an examination to verify the breach. They confirmed that the amount compromised matched the reports from the community. However, the real worry isn’t just the money lost but how it happened.
By monitoring blockchain activities, experts could see how the hackers operated. They used the name “Fake_Phishing188024” and took various cryptocurrencies directly from the foundation’s wallets.
A troubling revelation emerged when data showed an unauthorized transaction. More than a million Fantom tokens were moved from the foundation’s Wallet 20 to an account linked to “Fake_Phishing32” on the Fantom network. In the language of blockchain, such transfers indicate a private key theft, which is a breach that exposes a blockchain entity’s fundamental security.
Not an Isolated Incident
Regrettably, this breach is not an isolated case. The digital world, particularly platforms connected to blockchain and decentralized finance (DeFi), is dealing with increased security risks. To illustrate recent examples, TrueUSD faced a security issue when vulnerabilities in a third-party vendor exposed sensitive user data.
Similarly, the Web3 platform Galxe experienced an attack based on DNS (domain name system), resulting in financial losses of nearly $500,000. These incidents remind us of the ongoing challenges and the advancements of adversaries in the digital realm.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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