Fantom Foundation Faces Major Security Breach – $6.7 Million Lost

On June 14th, the Fantom Foundation, an open source blockchain project, faced a major security breach after an attacker gained access to its network. According to Fantom, the hacker was able to gain access to one of its smart contracts and extract $6.7 million worth of Fantom (FTM) tokens. This comes just a few weeks after Fantom launched its mainnet, Fantom Opera.

The team believes the attacker was able to use a combination of techniques, such as exploiting loopholes in the code and coordinated attacks, to gain access to its network. They also note that the ERC-20 tokens, which are based on the Ethereum network, were not affected by this attack.

In response, the Foundation has set up a website for the community to follow recovery efforts, including investigations, reimbursement, and reimbursements to affected user. They also noted that the breach should be a lesson for all blockchain projects, and a reminder to keep security at the forefront of development.