Decrypting the Fantom Foundation Hot Wallet Hack: A Closer Look into the Wallet Transactions following the incident
Singapore, November 1st 2023 — In the ever-evolving landscape of cryptocurrencies, security remains a paramount concern. On October 17th, Cointelegraph released an article mentioning an incident involving one of the Fantom Foundation’s hot wallets, which led to the loss of $550,000 worth of cryptocurrency through a vulnerability in the official Fantom wallet. This serves as a stark reminder of the vulnerabilities that can be exploited in the digital realm. In this article, however, we will delve into the details of this cybersecurity breach, examining the trajectory of the stolen tokens/the perpetrators’ actions after the incident.
The Fantom Foundation Hot Wallet Hack
The incident, which unfolded a couple of weeks ago, sent shockwaves through the crypto community as it came to light. A few wallets belonging to the Fantom Foundation, a prominent player in the blockchain space, were drained of their assets. The stolen tokens encompassed a wide array of assets, including ETH, USDC, USDT, Frax Share, DAI, OriginToken, Republic, OMG, Livepeer, Shiba Inu, The Graph, LoopringCoin, ChainLink, Quant, WAVES, Aave, Convex Token, Immutable X, SingularityNET, Compound, Request, Curve DAO and more.
The affected tokens found their way to two primary addresses: 0x2F4F1D2C5944Dba74E107d1e8E90e7C1475f4001 and 0x1d93c73d575b81a59ff55958afc38a2344e4f878.
The perpetrators skillfully executed a series of swaps, converting the stolen tokens into ETH. The consolidated ETH was subsequently transferred to another address, 0x0b1F29DF74A19C44745862ab018D925501FE9596, in an attempt to conceal their trail.
Our investigatory team at Uppsala Security swung into action and initiated an investigation using the Crypto Asset Monitoring Service (CAMS), tracing the origin and movement of the stolen assets. This included 68 origin hashes, 9 origin wallets and 36 initial tokens involved, some of them already being mentioned above.
Further details can be found in the CAMS Dashboard as well as the Portal Case.
CAMS, or Crypto Asset Monitoring Service, built by Uppsala Security, stands at the forefront of real-time monitoring solutions, providing advanced capabilities for overseeing cases related to digital assets. A standout feature is its automated fund monitoring system, reducing the need for manual oversight. CAMS maintains continuous surveillance over financial transactions, instantly identifying any fund movements and promptly alerting relevant parties. This not only boosts operational efficiency but also guarantees swift responses to potential security and compliance issues, establishing it as an essential asset in the realm of digital asset management.
The hot wallet hack that affected the Fantom Foundation, like any hack that negatively impacts original asset owners, serves as a clear reminder of the significance of cybersecurity within the cryptocurrency realm. As the crypto industry continues to evolve, it becomes increasingly crucial for both projects and individuals to maintain vigilance and take proactive measures to protect their digital assets. While hackers may have briefly gained an advantage, the unwavering dedication of security experts and community assures that justice will ultimately prevail in the digital world.
If you have any details about the Fantom Foundation case or if you would like to cooperate with our team on this investigation, please reach out by filling in this contact form.
About Uppsala Security
Uppsala Security is a leading provider of innovative security tools and services, specializing in Crypto Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF), Transaction Risk Management, Regulatory Compliance, and Transaction Tracking. With a team of experts dedicated to staying ahead of emerging threats, Uppsala Security empowers organizations with the knowledge and tools to safeguard their operations in the fast-paced world of cryptocurrencies.
Disclaimer: This article is meant for informational purposes only and does not constitute financial or legal advice. Always conduct your own research and consult professionals directly.
