Fantom (FTM) benefited from the success of the entire crypto market last month. The value of the digital currency has doubled since October. Shortly before this rally, the Fantom blockchain was hacked. A total of $550,000 was stolen due to a major security flaw in the system. The damage wasn’t too bad after an anonymous researcher discovered that the hacker could have stolen up to $170 million.
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What is Fantom?
Fantom is an advanced blockchain platform focused on providing high speed, scalability and decentralization for a variety of applications, particularly in the world of decentralized finance (DeFi). It competes with other smart contract platforms such as Ethereum (ETH), Cardano (ADA), and Solana (SOL).
Prevent millions in damages
The researcher found that an inactive manager token for Fantom’s ERC-20 FTM contract on Ethereum was vulnerable to attacks. This allowed the hacker to create FTM tokens. This vulnerability could have allowed the hacker to potentially steal $170 million based on the token price at the time of the hack. It should be noted that the estimate does not take market liquidity into account. If the hacker had actually received a large amount of tokens and tried to sell them, the price of the tokens would have dropped significantly due to oversupply versus demand.
The Fantom Foundation responded quickly to patch the vulnerability and awarded the anonymous researcher a sizable $1.7 million reward for identifying the vulnerability. The award of such a high award not only serves as recognition for the researcher’s important work, but also as an incentive for others to actively contribute to the security of the network.
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Hack in July
In July, the network also ran into trouble after Bridges, the technology that enables the transfer of data and value between different blockchain networks, was targeted. The hack involved the theft of large amounts of various cryptocurrencies, including $63.3 million in USD coins, $31.3 million in wrapped Bitcoin (BTC), and $13.8 million in wrapped Ethereum.
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