The foundation’s significant assets were safe and sound since they were kept in cold wallets.
CertiK, a blockchain security auditing organization, has verified the hack.
The Fantom Foundation is dealing with the fallout of a security breach that affected its blockchain infrastructure.
The operation of the organization was disrupted because hackers used a zero-day flaw in Google Chrome.
This is just one of several security incidents this month that has shaken confidence in the blockchain sector, and it resulted in the theft of $657,000. Over 35 wallets that were crucial to the foundation’s Fantom and Ethereum networks had their resources emptied.
This problem was revealed thanks to discussions within the Fantom Foundation community, particularly on Telegram. Moreover, users were the first to report on this disturbing trend. In spite of all the upheaval, the foundation’s significant assets were safe and sound since they were kept in cold wallets.
Private Key Theft Likely
CertiK, a blockchain security auditing organization, has verified the hack. Community estimates put the financial harm at $657,000, which is far lower than the compromised total.
The magnitude of the security breach is unaffected by the mismatch in the numbers. Blockchain analysis shows that the attackers, using the fake identity “Fake_Phishing188024,” were able to steal several cryptocurrencies from the foundation’s wallets.
As further evidence of another transaction is uncovered, the specifics become direr. To an account using the name “Fake_Phishing32” on the Fantom network, the foundation sent over a million Fantom tokens from Wallet 20. These kinds of trades are strongly indicative of a private key theft, a devastating security breach for any blockchain organization.