---
title: "Hackers Drain Fantom Foundation Wallets For $7 Million"
url: https://diffcoin.com/hackers-drain-fantom-foundation-wallets-for-7-million/
description: "Fantom (FTM) fell 5% after hack took place, which still has no known cause or suspect."
published: 2023-10-17
updated: 2023-10-17
author: "Mila"
site: "Diffcoin"
---

# Hackers Drain Fantom Foundation Wallets For $7 Million

The Fantom Foundation has been drained of hundreds of millions of dollars from its crypto wallets by a phishing scammer, according to blockchain security firm CertiK.

Fantom is a smart contract and Dapp platform focused on enhanced speed, making transactions more efficient than other layer-one blockchains like Ethereum. Tuesday’s hack affects only the Fantom Foundation – not the blockchain itself.

## Fantom Loses $7 Million

The foundation, which oversees development for the Fantom blockchain, lost at least $470,000 on Fantom and another $187,000 on Ethereum. According to [CertiK](https://twitter.com/CertiKAlert/status/1714289040873418763), stolen funds have now been consolidated into a wallet holding roughly 4,500 ETH, worth approximately $7 million.

“Estimated loss is ~$7m across multiple wallets,” [said](https://twitter.com/CertiKAlert/status/1714331351816573076) CertiK.

On-chain data shows that the hacker’s wallet has received a variety of tokens from Fantom, including ETH, Tether (USDT), USD Coin (USDC), Dai stablecoin (DAI), Convex token (CVX), Fantom USD (FUSD), and others.

According to pseudonymous on-chain sleuth [Spreek](https://twitter.com/spreekaway/status/1714282750830928176)—who was cited by CertiK on Twitter—Fantom’s wallets may have lost as much as $6.7 million, though this amount has not yet been confirmed. A wallet possibly belonging to a team member, they said, lost $3.4 million, and other non-tagged wallets that appear to be controlled by foundation team members were also affected.

“Notably they unwound a lot of fairly complex DeFi stuff on it, so probably someone quite familiar with DeFi ecosystem,” [wrote](https://twitter.com/spreekaway/status/1714288808731275648) Spreek about the hacker.

Neither Certik nor the Fantom Foundation immediately responded to Decrypt’s request for comment.

The Fantom token (FTM) price fell 4.52% on Tuesday following the hack, sinking from $0.1855 to $0.1771 – a near seven-day low.

## Who is Behind the Hack?

The culprit behind the Fantom hack remains unknown. But a host of multi-million dollar crypto hacks over the past few months have been traced back to the North Korean Lazarus Group. Blockchain investigators at Elliptic say the organization was likely behind the $54 million CoinEX trading platform hack in September, and the $100 million Atomic wallet hack in June.

According to Elliptic, the group is re-centering its focus on hacking centralized entities over decentralized finance protocols by using social engineering attacks.

Lazarus is also a possible suspect in the $477 million FTX hack from back in November, though Elliptic thinks Russian entities are a more likely culprit.

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