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

November 21, 2023 Coin Telegraph

Fantom Foundation awards .7M bounty for preventing 0M 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 draining 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 Fantom Foundation, the discovered vulnerability could have allowed the hacker to drain $170 million using the wallet access. The organization said the value of the potential loss is based on the token price at the time of the hack, “though this estimate does not consider the market’s insufficient liquidity to absorb the tokens fully.”

The Fantom Foundation said that the vulnerability was “mitigated quickly,” and the organization awarded the unnamed researcher $1.7 million in recognition of the contribution. The announcement added:

“The Fantom Foundation is dedicated to upholding the highest security standards for our platform, and we remain grateful for the security researchers who contribute to this effort.”

The Fantom Foundation did not immediately respond to Cointelegraph’s request for comment.

Despite the Fantom Foundation losing half a million to a hack one month ago, the Fantom token has risen over the past four weeks. The token has added 82% of value since Oct. 17, trading at $0.31 at the time of writing, according to CoinGecko. The token is also up 78% over the past year, according to the data.

*Fantom (FTM) token 90-day price chart. Source: CoinGecko*

Launched in late 2019, the Fantom network is a blockchain protocol that enables users to build and deploy decentralized applications (DApps). The Fantom Foundation’s Opera is a permissionless blockchain compatible with the Ethereum Virtual Machine, which allows users to interact with the Fantom network on MetaMask, a leading self-custodial cryptocurrency wallet.

Fantom’s recent $550,000 hack isn’t the first attack on the Fantom Foundation or its users. In July 2023, Fantom suffered a massive multichain bridge hack, which resulted in the loss of $126 million worth of cryptocurrency. Fantom creator Andre Cronje subsequently claimed that the Fantom team was misled about the actual security level of Multichain, which ceased operations in mid-July 2023.

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Fantom Foundation Hacked for Over $7,000,000 Worth of Ethereum (ETH) and FTM: Report

October 17, 2023 The Daily Hodl

Fantom Foundation hacked for an estimated $6.7M: Report

October 17, 2023 Coin Telegraph

Fantom Foundation hacked for an estimated .7M: Report

Coin Telegraph

Fantom Foundation's wallet was reportedly drained of funds by a “Fake_Phishing” account.

Fantom Foundation, developers of the Fantom network, have reportedly been hacked for over $6.7 million worth of cryptocurrency.

Blockchain data shows that an address labeled “Fake_Phishing188024” was sent over 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet. On-chain sleuth Spreek reported the attack on X (formerly Twitter) and estimated losses at $6.7 million. Security platform CertiK has estimated losses at only $657,000. The Foundation has yet to confirm the attack.

total attacker profit (may not all necessarily be from fantom or related wallets) seems to be ~$6.7m pic.twitter.com/0rkDHULsdI
— Spreek (@spreekaway) October 17, 2023

The Fantom Foundation is the developer behind Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. The network has over $45 million in assets locked within its contracts, according to DeFiLlama. The attack was against the foundation itself and not the Fantom network.

On October 17, on-chain sleuth Spreek reported that the foundation was “allegedly” attacked, based on a report from Telegram. They later listed the hacked wallets and estimated losses at $6.7 million, though the drained funds may have included other sources outside the Fantom Foundation.

Blockchain security platform CertiK confirmed that the foundation had been hacked but estimated the losses at only $657,000. Delving into the blockchain data shows that Fantom Foundation Wallet 1 on Ethereum sent over 2,000 Convex (CVX) tokens, 1,000 Dai (DAI), 4,500 USDC (USDC) and other tokens to a wallet labeled “Fake_Phishing188024.” In addition, Fantom Foundation Wallet 20 on Fantom network sent over 1 million Fantom (FTM) tokens to an account labeled “Fake_Phishing32.” When a development team sends funds to a known scam account, this generally indicates that the team’s private key has been stolen.

At the time of publication, the team has not yet made an announcement regarding the incident.

In their thread on X, Spreek stated that Fantom wallets 16 and 19 have been drained of funds as well.

This is a developing story, and further information will be added as it becomes available.

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Google Cloud adds 11 blockchains to data warehouse ‘BigQuery’

September 22, 2023 Coin Telegraph

Arbitrum

Google’s BigQuery added 11 new public datasets for blockchain networks, allowing users to obtain a variety of data from these networks.

Google Cloud’s BigQuery service just added 11 blockchains networks to its data warehouse, according to a September 21 blog post. The new networks include Avalanche, Arbitrum, Cronos, Ethereum Görli testnet, Fantom, Near, Optimism, Polkadot, Polygon mainnet, Polygon Mumbai testnet, and Tron.

We're enhancing our #blockchain data offering with 11 new chains in #BigQuery, and we’re also making improvements to our existing datasets, so they are more precise, accurate, and reliable.

Learn more ↓https://t.co/fNFJiHSJBO
— Google Cloud (@googlecloud) September 21, 2023

BigQuery is Google’s data warehouse service. Enterprise firms can use it to store their data and make queries of it. It also provides some public datasets that can be queried, including Google Trends, American Community Service demographic information, Google Analytics, and others.

In 2018, Google launched a Bitcoin dataset as part of the service, and later that year, it added Ethereum as well. It continued to expand its blockchain coverage in February of 2019, adding Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash. The September 21 announcement means that BigQuery now carries data from a total of 19 blockchain networks.

In addition to adding these new blockchains, Google has also implemented a new feature intended to make blockchains queries easier to execute. Through a series of user-defined functions (UDFs), the team has provided methods to handle the long-form decimal results often found on blockchains. In its post, Google claimed that these new functions will “give customers access to longer decimal digits for their blockchain data and reduce rounding errors in computation.”

Google Cloud has been taking an increasing interest in blockchain tech in 2023. On July 7, it partnered with Voltage, a Lightning Network infrastructure provider. And it partnered with Web3 startup Orderly Network on September 14 to help provide off-chain components for decentralized finance.

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Top US Crypto Exchange Coinbase Says It Will Axe Trading Support for Multichain (MULTI) and Five Other Altcoins

August 26, 2023 The Daily Hodl

Fantom DEX rescued at eleventh hour following planned shutdown

August 16, 2023 Coin Telegraph

$POWER

SpiritSwap previously had its entire treasury drained due to the ongoing Multichain exploit.

SpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer shut its doors in September after having treasury funds stuck on troubled cross-chain protocol Multichain.

In an Aug. 16 community vote, SpiritSwap users passed a resolution to transfer the project to Power, a fellow nonfungible token platform and DEX that is also based on Fantom. In consideration, Power will deploy 200,000 USD Coin (USDC) into the SpiritSwap treasury.

“Initially, I had requested a deposit of 20-30K to the treasury to cover the essential costs of SpiritSwap. However, the Power team is willing to go above and beyond by depositing 200,000 USDC," wrote Nzaru, head manager at SpiritSwap, who announced that he would depart the DEX after receiving a new job offer. “On the 30th, I will finalize the new team and conduct orientation sessions to prepare for the upcoming month,” he said.

*Snapshot of the SpiritSwap takeover proposal*. *Source: Snapshot*

Prior to the acquisition, Power developers stated: “We have the means and the desire to inherent SpiritSwap. This would be a direct benefit to the PNFT holders, the POWER community, and the SpiritSwap community.”

On Aug. 9, SpiritSwap said it would wind down operations by Sept. 1 if it could not find a team to take over after the Multichain exploit drained its entire treasury. Interestingly, Power was also exposed to the Multichain fiasco but only suffered “small” losses, as its treasury assets were not bridged to Multichain.

After months of speculation, Multichain’s developers disclosed in July that co-founder and CEO Zhanojung He was arrested by Chinese police back in May on undisclosed charges. He allegedly held all access to Multichain private keys and servers for the $1.5 billion protocol when he was detained. Despite a lack of information on his detention, funds belonging to Multichain and its users have been swapped for stablecoins as well as private coins and transferred out of the protocol. Some victims have since alleged that the Chinese police are involved in an elaborate embezzlement scheme involving users’ funds.

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Fantom

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