Fantom Foundation Confirmed a Cryptocurrency Hack Worth $550K

[coingabbarmarket]

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.

[Lyn Nguyen]

It's concerning to hear about cryptocurrency hacks, and it's a relief to know that the Fantom Foundation is actively investigating the incident to mitigate losses.

[Alexsandre]

What measures does the Fantom Foundation plan to take to prevent future security breaches and protect their funds?

[samanx82hhy]

How did the hackers manage to compromise the private keys, and are there any suspicions about the source or individuals behind this incident?

[Dont Give Me Hope]

The initial estimate of $7 million in losses was significant, but it's somewhat reassuring to hear that the actual amount stolen is around $550,000

[I Am Gruut]

 It's crucial for blockchain projects and organizations to prioritize security to prevent such incidents and maintain the trust of their community.