The attacker stole about $2.6 million worth of ETH
The hackers were able to mint XFTM, a representation of Fantom's FTM on Fantasm, using a small amount of Fantasm's FSM tokens. The hackers started with 50 FTMs and gradually used larger amounts to swap more than 2.8 million XFTMs in total, Alpha Finance Senior Engineer Nipun Pitimanaaree said in a tweet after examining blockchain records. The stolen funds were later swapped for more than 1,007 Ether, which is equivalent to about $2.6 million at current prices.Fantasm developers said in a follow-up tweet that some of the FTM collateral was "white-hacked," meaning that some of the tokens could be recovered before they were stolen by the hacker. Fantasm Finance has apologized to the community and said it is currently conducting an investigation with compensation options.
Not the best timing for the Fantom Network
Fantasm Finance, which launched earlier this month, is a decentralized finance project (DeFi) that aims to develop synthetic tokens for the Fantom ecosystem. The timing of the hack comes at a painful time, as Fantom and its associated projects have seen a decline in their investments for a number of reasons. One major reason is the departure of Andre Cronje from DeFi, which led to a drop in the price of many tokens on the Fantom network on Sunday.Given the number of new DeFi projects launched on Fantom in recent months, it looks like Fantom has become a prime target for bad actors who continue to exploit new niches and networks. The frequency with which new projects are launched without being subjected to security review makes new DeFi protocols particularly favorable for attackers.
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