An unnamed researcher acquired $one.seven million from the Fantom Foundation for finding a vulnerability creating likely losses of $170 million.
Fantom paid $one.seven million to a researcher who reported a safety vulnerability
As component of the bounty for the bug, Fantom reportedly paid a researcher $one.seven million for finding a vulnerability in the FTM token’s clever contract. This vulnerability, if exploited, will let hackers to mint FTMs immediately on Ethereum.
Based on the FTM value at the time of discovery, Fantom would have faced likely losses of up to $170 million, but stated hackers may possibly not be in a position to entirely exploit this worth due to inadequate industry liquidity.
In October, a wallet belonging to Fantom was allegedly hacked really worth $550,000. Shortly thereafter, Fantom had fixed that wallet and offered it to an worker in advance of applying it. It is consequently an assault aimed at the personal and not at the complete organization.
— Fantom Foundation (@FantomFDN) October 17, 2023
These are not the only instances the Fantom blockchain has faced safety troubles. In May, Fantom stated it was deeply impacted by the shutdown of its most important Multichain bridge due to a so-named “force majeure” incident. From then until eventually October, the FTM token plummeted 50% to a minimal of USD .17.
Currently, FTM has slowly recovered and benefited from the all round development momentum of the cryptocurrency industry, now trading at USD .three.
FTM/USDT chart taken at ten:ten am on November 21, 2023 on Binance
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