Fantom Foundation reportedly suffers a hack resulting in approximately $6.7 million in losses.

The Fantom Foundation, the creators of the Fantom network, has reportedly experienced a hack resulting in the loss of over $6.7 million in cryptocurrency.

Blockchain records indicate that an address identified as “Fake_Phishing188024” received more than 2,000 Convex (CVX) tokens along with other cryptocurrencies from a recognized Fantom Foundation wallet. On-chain investigator Spreek disclosed the breach on X (formerly Twitter) and estimated the total losses at $6.7 million. In contrast, security firm CertiK has assessed the losses to be only $657,000. The Foundation has not yet verified the occurrence of the attack.

total attacker profit (may not all necessarily be from fantom or related wallets) seems to be ~$6.7m pic.twitter.com/0rkDHULsdI

— Spreek (@spreekaway) October 17, 2023

The Fantom Foundation is responsible for the development of the Fantom network, which is a smart contract platform compatible with the Ethereum Virtual Machine (EVM). According to DeFiLlama, the network has more than $45 million in assets secured within its contracts. The attack targeted the foundation directly rather than the Fantom network itself.

On October 17, on-chain investigator Spreek reported that the foundation was “allegedly” attacked, referencing information from Telegram. They subsequently identified the compromised wallets and estimated the losses at $6.7 million, although the drained assets may have included funds from sources beyond the Fantom Foundation.

Related: Fantom DEX rescued at eleventh hour following planned shutdown

Blockchain security firm CertiK confirmed the hacking of the foundation but estimated the losses to be only $657,000. An analysis of blockchain data reveals that Fantom Foundation Wallet 1 on Ethereum transferred over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC), and other tokens to the wallet labeled “Fake_Phishing188024.” Additionally, Fantom Foundation Wallet 20 on the Fantom network sent over 1 million Fantom (FTM) tokens to an account identified as “Fake_Phishing32.” When a development team transfers funds to a known scam account, it typically suggests that the team’s private key has been compromised.

As of the time of publication, the team has not issued any statement regarding the incident.

In their thread on X, Spreek noted that Fantom wallets 16 and 19 have also been depleted of funds.

This is an ongoing story, and more details will be provided as they emerge.