Fantom Basis awards $1.7M to researcher for uncovering potential $170M exploit

by Cryptospacey

Fantom Basis paid $1.7 million to a safety researcher who found a dormant admin token vulnerability in a pockets that was exploited final month. The vulnerability may have resulted within the lack of as much as $170 million, in keeping with a Nov. 20 weblog submit.

In accordance with Fantom Basis, the unnamed safety researcher alerted it to the extra threat within the compromised pockets that had been reassigned to its worker.

“The pockets in query held a dormant admin token for Fantom’s ERC20 FTM contract, giving the attacker the flexibility to mint a portion of FTM for themselves on Ethereum,” the Basis wrote.

The Basis defined that the hacker may have minted as much as $170 million value of FTM tokens (primarily based on the token’s worth on the time of the assault) on the Ethereum (ETH) blockchain in the event that they knew that the pockets they managed contained the admin token.

Nonetheless, the Basis claimed that its estimate doesn’t contemplate the market’s inadequate liquidity to soak up the tokens totally.

In October, CryptoSlate reported that Fantom Basis confirmed that it and its staff misplaced a whole bunch of 1000’s of {dollars} value of crypto to an exploit. On the time, the Basis claimed that the assault affected an worker pockets erroneously recognized as belonging to it.

In the meantime, Fantom has significantly recovered from its publicity to the defunct cross-chain Multichain protocol, whose failure negatively impacted the layer1 blockchain community.

Not too long ago, Fantom revealed plans to improve its stack with Sonic, a “technological breakthrough that will increase base layer scaling by 10x,” in accordance to the community co-founder Andre Cronje.

Moreover, the community’s FTM native token has risen by round 40% throughout the previous month amid the present market state of affairs to $0.31 as of press time, in keeping with CryptoSlate’s information.

Nonetheless, decentralized finance (DeFi) actions on the community stay low, with the overall worth of property locked on it lower than $60 million, in keeping with DeFillama information.

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