Fantom Foundation awards $1.7M bounty for preventing $170M drain


21 Nov 2023 9:45 AM

The Fantom Foundation has eliminated a $170 million vulnerability in the aftermath of a $550,000 hack in October....

  • The Fantom Foundation, a nonprofit organization developing the Fantom blockchain platform, experienced a $550,000 hack in October.
  • An unknown attacker drained 1% of the foundation's funds from a hot wallet, leading to a targeted attack.
  • A security researcher discovered a potential risk associated with the hack, involving a dormant admin token for Fantom's ERC-20 FTM contract.
  • The vulnerability could have allowed the hacker to drain $170 million using the wallet access.
  • The Fantom Foundation quickly mitigated the vulnerability and awarded the researcher $1.7 million for their contribution.
  • Despite the hack, the value of the Fantom token has risen by 82% since the incident.

The article discusses a significant vulnerability and hack experienced by the Fantom Foundation. However, it also highlights the quick mitigation of the vulnerability and the rise in value of the Fantom token.

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You May Ask

What vulnerability did the security researcher discover after the hack?How much could the hacker have potentially drained using the vulnerability?How did the Fantom Foundation mitigate the vulnerability?What was the value of the Fantom token before and after the hack?Has the Fantom Foundation experienced previous attacks or security breaches?

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