Fantom Foundation employee loses $7 million in exploit

  • Fantom Foundation director Andre Cronje reportedly confirmed that an employee lost $7 million worth of crypto to a phishing attack.
  • However, all Fantom Foundation funds were safe.
  • FTM price did fall following the news.

A Fantom Foundation employee has lost $7 million worth of crypto after a phishing attack on their personal wallet. The exploit did not affect user funds or those of the Fantom Foundation, co-founder and architect Andre Cronje said in a statement quoted by The Block.

Earlier reports that falsely pointed out that the exploit had ended with the attacker draining the Fantom Foundation’s wallets saw the native Fantom (FTM) token plummet sharply. But while the zero-day exploit is said to have targeted an employee’s wallet, FTM price has struggled to pick up momentum.

Fantom price plummets on exploit news

Fantom traded to highs near $0.19 earlier in the day. However, as the exploit’s news hit the market (in the version that Fantom Foundation had been hacked, FTM price quickly fell to $0.17. The decline of almost 10% saw the altcoin’s price give up all gains seen on Monday when the price spiked amid broader market volatility.

Fantom price chart

With this decline, FTM/USD has broken to its lowest price level since the August 17 dip. The other time FTM/USD traded at these levels was in November 2022, when the collapse of crypto exchange FTX plunged the crypto market into negative sentiment.

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