Fantom Foundation Awards $1.7m Bounty To The Security Researcher For Preventing $170m Hack

CS Web Team
By CS Web Team 2 Min Read

A security researcher reached out to the Fantom team and warned about a potential hack of nearly $170 million.

The organization that created the Fantom blockchain network, the Fantom Foundation, has given a security researcher a $1.7 million prize for stopping a possible $170 million hack.

According to the Fantom Foundation’s official blog post, a security researcher discovered a new risk connected to the earlier attack that caused a loss of about $550,000 in October.

The blog states that a Fantom team member who possessed a dormant admin token for the FTM ERC20 token contract was given the affected wallet address. The exploiter might be able to mint some FTM on Ethereum with it.

A possible hack might have cost $170 million in damages, however the incident was lessened once the security researcher contacted the Fantom team. Since the FTM token was linked to the vulnerability, the estimated cost of the hack may have differed depending on the token’s market value.

One percent of the potentially impacted funds is represented by the bounty given to the unnamed security researcher.

The Fantom Foundation stated, “We remain grateful for the security researchers who contribute to this effort. We are committed to upholding the highest security standards for our platform.” “We ensure a secure platform for developers and users by addressing these vulnerabilities before they are maliciously exploited.”

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