Fantom Awards $1.7 Million to Security Researcher for Spotting A Massive Vulnerability
The Fantom Foundation has awarded a $1.7 million bounty to a blockchain security researcher who identified a potential breach that could result in $170...
- The Fantom Foundation has awarded a $1.7 million bounty to a blockchain security researcher who identified a potential breach that could have resulted in $170 million losses.
- The foundation had previously suffered a $550,000 hack in September but claims to have eliminated likely risks of a hack after receiving a tip.
- The compromised wallet held a major admin token for Fantom's ERC20 FTM contract, which could have been exploited for more tokens on Ethereum.
- The foundation praised the swift work of the researchers and urged the community to continue efforts to improve security.
- On October 17, the foundation was hacked for $550,000, but 99% of the funds in the wallet were intact.
- The attack was against the foundation and employee wallets, not the network itself, which holds $45 million locked in contracts.
- Community users urged the platform to increase and update security checks.
- The platform had previously suffered a hack resulting in $126 million in losses due to an exploit on the multi-chain bridge.
- Blockchain security bounty programs are commonly used to incentivize community participation in network protection.
The sentiment of the article is mostly neutral, with a focus on the actions taken by the Fantom Foundation to address the potential breach and reward the security researcher. There is also mention of community concerns and the need for increased security checks.