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

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…

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