Fantom Foundation Faces Major Security Breach – $6.7 Million Lost

Fantom Foundation Faces Major Security Breach – $6.7 Million Lost

In one of the biggest cryptocurrency security breaches to date, the Fantom Foundation had $6.7 million worth of cryptocurrency stolen from its wallets due to an unknown malicious cyber attack.

The attack was discovered on July 15th, 2020. According to a security audit that was conducted afterwards, it was determined that a considerable amount of Fantom’s tokens – including its native FTM token – were stolen from its wallets.

Following the breach, the Fantom Foundation has reportedly taken all necessary steps to safeguard its platform. These include deploying an updated version of their software and updating all of its hot and cold wallets with the latest security measures in order to prevent future malicious activities.

The foundation has also warned its users to treat any wallet address with caution, as malicious activities may still be out there.

Moreover, the Fantom Foundation has stated that it will reimburse the lost tokens to all users affected by the breach. It has also provided a detailed procedure for users to register a claim and receive the reimbursement.

In conclusion, the security breach serves as a major warning for cryptocurrency users. It is always important to be aware of the security measures taken by the platforms they use and the latest security threats that may potentially, exist. Furthermore, it is important to only trust wallets that are verified and used by the platform itself, as any other third-party wallets may be susceptible to hackers.