Fantom Foundation Faces Fund Withdrawals from Hot Wallets Due to Chrome Vulnerability

On the evening of October 17, the DeFi community on social media platform X continued to be rocked by sensational news. This time, the issue arose from Fantom Foundation's wallets being compromised due to vulnerabilities in Chrome.

Fantom Foundation Faces Fund Withdrawals from Hot Wallets Due to Chrome Vulnerability

Long-standing vulnerabilities in the Chrome browser are believed to be the primary cause behind fund withdrawals from Fantom Foundation's wallets.

Read more: Fantom Andre Cronje

According to the Spreek account, wallets on Ethereum and Fantom networks belonging to the organization have been subject to hackers withdrawing funds. The likely form of attack is phishing.

The Fantom team stated that these withdrawal activities affected hot wallets, with the majority of the organization's assets stored in cold wallets. Fantom estimates the damages to be approximately $550,000.

In addition to the Fantom Foundation's wallets, several individual members within the organization have also fallen victim to similar attacks on their personal wallets. Responding to an interview with The Block, Andre Cronje, core developer of Fantom Foundation, mentioned that some Fantom employees have had $7 million of their personal assets hacked.

If the damages exceed current estimates, Fantom Foundation and particularly the Fantom ecosystem may face a crisis ranging from media scrutiny to developmental setbacks.

Earlier, the incident involving Multichain bridges dealt a significant blow to the total assets locked within the network. Additionally, the Fantom ecosystem has been grappling with ongoing news of key project dissolutions.