The Fantom Foundation, a nonprofit group creating the Fantom blockchain platform, has eradicated a major vulnerability after a $550,000 hack in October.
On Oct. 17, the Fantom Foundation suffered a hot wallet hack, with an unknown attacker draining 1% of Fantom Foundation’s funds. The inspiration subsequently stopped utilizing a few of the affected wallets, reassigning them to a Fantom worker, making it a “focused assault.”
Following the incident, an unnamed safety researcher found a further potential threat related to the hack and alerted the Fantom Foundation, based on a weblog submit on Nov. 20. The vulnerability was related to a dormant admin token for Fantom’s ERC-20 FTM contract, which might probably permit the attacker the power to mint a portion of Fantom (FTM) tokens for themselves on Ethereum.
Based on the Fantom Foundation, the found vulnerability might have allowed the hacker to drain $170 million utilizing the pockets entry. The group stated the worth of the potential loss is predicated on the token worth on the time of the hack, “although this estimate doesn’t think about the market’s inadequate liquidity to soak up the tokens totally.”
The Fantom Foundation stated that the vulnerability was “mitigated rapidly,” and the group awarded the unnamed researcher $1.7 million in recognition of the contribution. The announcement added:
“The Fantom Foundation is devoted to upholding the best safety requirements for our platform, and we stay grateful for the safety researchers who contribute to this effort.”
The Fantom Foundation didn’t instantly reply to Cointelegraph’s request for remark.
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Regardless of the Fantom Foundation dropping half one million to a hack one month in the past, the Fantom token has risen over the previous 4 weeks. The token has added 82% to its worth since Oct. 17, buying and selling at $0.31 on the time of writing, based on CoinGecko. The token can also be up 78% over the previous 12 months, based on the info.
Launched in late 2019, the Fantom community is a blockchain protocol that permits customers to construct and deploy decentralized purposes. The Fantom Foundation’s Opera is a permissionless blockchain suitable with the Ethereum Virtual Machine, which permits customers to work together with the Fantom community on MetaMask, a number one self-custodial cryptocurrency pockets.
Fantom’s latest $550,000 hack isn’t the primary assault on the Fantom Foundation or its customers. In July 2023, Fantom suffered a massive multichain bridge hack, which resulted within the lack of $126 million value of cryptocurrency. Fantom creator Andre Cronje subsequently claimed that the Fantom staff was misled concerning the precise safety degree of Multichain, which ceased operations in mid-July 2023.
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