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The Fantom Foundation, a nonprofit organization behind the Fantom blockchain platform, has successfully addressed a vulnerability following a $550,000 hack in October. The hack involved an unknown attacker draining 1% of the foundation’s funds from a hot wallet. In response, the foundation stopped using affected wallets and reassigned them to an employee, making it a targeted attack. Subsequently, a security researcher discovered an additional potential risk associated with the hack and alerted the foundation. The vulnerability was related to a dormant admin token for Fantom’s ERC-20 FTM contract, which could have allowed the attacker to mint a portion of Fantom FTM for themselves on Ethereum. The foundation estimated that the vulnerability could have resulted in a loss of $170 million based on the token price at the time of the hack. However, the foundation quickly mitigated the vulnerability and awarded the researcher $1.7 million for their contribution. Despite the hack, the value of the Fantom token has risen by 82% since October 17. Launched in 2019, the Fantom network is a blockchain protocol that enables the development of decentralized applications. The network is compatible with the Ethereum Virtual Machine, allowing users to interact with it using MetaMask. This recent hack is not the first attack on the Fantom Foundation, as it previously suffered a significant multichain bridge hack resulting in the loss of $126 million worth of cryptocurrency. The creator of Fantom, Andre Cronje, claimed that the team was misled about the security level of Multichain, which ceased operations in mid-July 2023. The Fantom Foundation remains committed to upholding high security standards and expressed gratitude towards security researchers who contribute to their efforts.