Fantom Foundation Hot Wallet Compromised for $550K, According to Cointelegraph

The Fantom Foundation, responsible for developing the Fantom network, has reported a hack resulting in the theft of over $550,000 in cryptocurrency. The foundation confirmed the breach on X, noting that the majority of the stolen funds belonged to users other than the foundation itself, and emphasized that 99% of its own funds remain secure. The team is actively investigating the incident.

Initial reports from blockchain security researchers indicated that approximately $7 million in cryptocurrency had been taken. However, the Fantom Foundation later clarified that some wallets identified as belonging to the foundation were inaccurately labeled by block explorators. They explained that while certain wallets did start out as foundation assets, they had been reassigned to a Fantom employee and no longer contained the foundation’s funds. The investigation is ongoing to ascertain how the wallets were compromised.