Fantom Foundation Wallets Hacked: $657,000 Gone In A Flash

Fantom (CRYPTO: FTM) blockchain's foundational wallets have reportedly experienced a significant breach, according to blockchain security expert Certik.

The breach led to the loss of $470,000 from their FTM wallet and $187,000 from the Ethereum (CRYPTO: ETH) platform, causing a subsequent 4.8% dip in FTM's value to $0.1778.

Relating to the incident and its wider implications, Benzinga's Future of Digital Assets conference on Nov. 14 would serve as a platform for discussions on such security challenges in the crypto space.

Also Read: Israel Crackdown Freezes Millions In Crypto Assets On Binance To Block Hamas Funds

A Fantom community Telegram administrator stated, "There was a zero-day exploit on Chrome because of that some of Fantom foundation wallet got drained. Fantom losses were in the hundreds of thousands of dollars and we are actively tracking the movements of lost funds."

It's worth noting that the misappropriated funds have been moved to a wallet currently containing roughly $7 million in Ether.

Read Next: Basel Committee Pushes Banks To Unmask Cryptocurrency Activities Amid Rising Concerns

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying-  get yours!

Photo: Shutterstock