Fantom Foundation awards $1.7M bounty for preventing $170M drain
In the aftermath of Fantom’s $550,000 hack in October, a security researcher found that the attacker could have stolen as much as $170 million. The Fantom Foundation, a nonprofit organization developing the Fantom blockchain platform, has eliminated a significant vulnerability after a $550,000 hack in October. On Oct. 17, the Fantom Foundation suffered a hot wallet hack, with an unknown attacker drain ing 1% of Fantom Foundation’s funds. The foundation subsequently stopped using some of the affected wallets, reassigning them to a Fantom employee, making it a “targeted attack.” Following the incident, an unnamed security researcher found an additional potential risk associated with the hack and alerted the Fantom Foundation, according to a blog post on Nov. 20. The vulnerability was associated with a dormant admin token for Fantom’s ERC-20 FTM contract, which could potentially allow the attacker the ability to mint a portion of Fantom (FTM) for themselves on Ethereum. According to the ...