Fantom’s ‘Foundation Wallets’ drained for $550K

The exact cause relating to the compromised wallets remains unknown, though the company confirmed the funds lost by the employee are being “tracked and investigated”


Gorodenkoff/Shutterstock modified by Blockworks


The Fantom Foundation confirmed Tuesday that a “small number” of its wallets had been compromised, with losses amounting to roughly $550,000. 

Around 99% of the Foundation’s funds reportedly remain untouched and secure, the company said in a statement on X, formerly Twitter.

Based on those figures, the remainder of its $55 million treasury remains unaffected.

Preliminary investigations have brought to light possible vulnerabilities via a zero-day hack in Google Chrome. However, the exact cause and mechanism of the breach remain under scrutiny, Fantom said.

Blockworks has reached out for clarification but has so far received no response.

While the affected wallets bore the label “Foundation Wallets,” they had previously been transitioned away from organizational use. 

These wallets were under the management of a Fantom employee, suggesting a more targeted nature to the attack rather than a broad sweep, the company said.

“A Fantom employee’s personal wallets were compromised. Some of these impacted wallets were labeled “Foundation Wallets”, but they were no longer being utilized by the organization and had been reassigned to a Fantom employee, making this a targeted personal attack,” it said. 

Read more: Upbit updates cold wallet policy in bid to thwart hackers

While the Foundation’s attempted to demonstrate confidence in the safety of its primary funds, some eyebrows are being raised considering the targeted nature of the breach and the security of reassigning foundation wallets to employees. 

Reassigned wallets, especially those under the purview of employees, should ideally have rigorous security measures in place, prompting questions about internal security protocols.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.


The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says


2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year


“Iran Unchained” launched a new version of its grant platform to make donations to activists easier


The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange


Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important


Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says