The ever-evolving nature of cyber threats makes it imperative for the crypto community to remain vigilant and proactive in securing their assets. Many crypto wallet hacks have raised concerns in the crypto community in recent times. These security breaches have exposed vulnerabilities in both centralised and decentralised wallets, undermining the trust of investors and users. Hackers have targeted various crypto platforms, stealing millions of dollars worth of digital assets. One such Blockchain platform is Fantom.
Fantom Foundation, the entity behind the Fantom network, recently experienced a security breach resulting in a loss exceeding $550,000 in cryptocurrency. The foundation officially acknowledged this incident on X, asserting that a significant portion of the stolen assets belonged to external users while affirming the preservation of 99% of the foundation’s financial resources. The team is actively engaged in an ongoing inquiry to thoroughly examine the breach and its implications.
At the outset, blockchain security experts documented an initial estimation of a $7 million cryptocurrency loss attributed to the attacker. Subsequently, the Fantom Foundation issued an official statement clarifying that certain wallets denoted as “Fantom: Foundation wallet” had been erroneously categorized by blockchain explorers. It was emphasized that not all the stolen assets were linked to the foundation. The team further elucidated that some of the affected wallets were initially associated with the foundation but had subsequently been reassigned to a Fantom team member, no longer containing company assets.
CertiK, a blockchain security platform, verified the foundation’s security breach, initially estimating the losses at $657,000. Subsequently, this assessment was revised to approximately $7 million. Upon a detailed examination of the blockchain data, it is evident that an account designated as “Fantom Foundation Wallet 1” by Etherscan initiated transactions, sending over 2,000 CVX, 1,000 Dai, 4,500 USD Coin, and other tokens to an account identified as “Fake_Phishing188024.” Furthermore, another account, identified as “Fantom Foundation Wallet 20” through the Fantom network’s block explorer, transferred more than 1 million FTM to an account named “Fake_Phishing32.”
Preventing phishing attacks as similar as Fantom’s hot wallet attack requires the following efforts:
By implementing these measures and maintaining a vigilant attitude, you can significantly reduce the risk of falling prey to phishing attacks and protect your valuable cryptocurrency holdings.
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