Fantom Foundation Confirmed a Cryptocurrency Hack Worth $550K

Hot Wallet Hacked for $550K, Fantom Foundation

The developer of Fantom Network, Fantom Foundation has confirmed a cryptocurrency hack, resulting in losses initially reported as $7 million. The foundation later clarified that not all funds stolen belonged to them as some of the wallets have been reassigned to the employees. Blockchain security researchers had estimated the losses at $7 million but later corrected it. A blockchain security network, CertiK has confirmed the hack. Especially transactions from accounts labelled "Fantom Foundation Wallet" to suspicious accounts indicate a potential private key compromise. The foundation assures that 99% of its funds remain secure and is actively investigating the incident, with over $550,000 worth of cryptocurrency stolen.