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