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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Fantom Foundation Wallets Drained, More Pain For FTM Holders As Prices Tank

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read

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Two Fantom Foundation wallets on Ethereum and the Fantom Network have fallen victim to a phishing attack, losing over $650,000, according to reports from CertiK, a blockchain security firm. Another report by “Spreakaway” on X alleges that one of Fantom’s team members also lost $3.4 million.

Fantom Foundation Falls Victim To Phishing Attack

Fantom Foundation is a non-profit organization dedicated to supporting the growth and development of the Fantom ecosystem. On the other hand, Fantom is a scalable, layer-1 blockchain that is compatible with Ethereum. Like the world’s most valuable network, the platform supports the deployment of smart contracts. For clarity, Fantom’s network was not hacked; the foundation’s wallets were compromised.

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According to CertiK, the Fantom Foundation lost $470,000 on Fantom and at least $187,000 on Ethereum. Following the attack, Etherscan data show that the scammers consolidated funds into one account, holding at least $7 million of various coins. The address has already been marked and identified as a facilitator of multiple phishing campaigns impacting crypto and decentralized finance (DeFi) projects. 

Fantom Foundation stolen funds| Source: Etherscan
Fantom Foundation stolen funds| Source: Etherscan

Reports on Reddit show that Fantom Foundation fell victim to a “zero day” exploit on Chrome, a web browser, resulting in the loss of hundreds of thousands worth of FTM. In a screenshot of a Telegram conversation said to have been shared by a Fantom admin, the foundation acknowledged that “some” of their wallets were “drained.” They are actively tracking the movement of stolen funds. 

Telegram communication| Source: Reddit
Telegram communication| Source: Reddit

Zero Day Exploit, FTM Sinks Even Lower

 A zero-day exploit is a vulnerability unknown to the developer or its tech team, who might be able to fix it. Because the flaw isn’t known to the team, the threat actor can exploit it until it is patched. This is why zero-day exploits can be consequential, especially for DeFi protocols whose infrastructure relies on flawed software.

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In the same screenshot shared on Reddit, a representative of Fantom Foundation said they didn’t update their browser to the latest version. The latest Chrome browser update, version 118.0.5993.70, was released on October 11.

FTM price on October 17| Source: FTMUSDT on Binance, TradingView
FTM price on October 17| Source: FTMUSDT on Binance, TradingView

Following this news, FTM fell roughly 5% and is now rocking close to multi-month lows. If bears press on, the coin may drop below 2022 lows.

As such, it will reverse all gains made in the first half of 2023. At this year’s peaks, FTM prices rose to as high as $0.65 in February 2023 before contracting to spot rates. The coin is trading at approximately $0.17 and under intense selling pressure.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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