In the aftermath of Fantom’s $550,000 hack in October, a security researcher uncovered a potential vulnerability that could have allowed the attacker to siphon off as much as $170 million. The Fantom Foundation swiftly responded to the situation, addressing the vulnerability associated with a dormant admin token. This token, linked to Fantom’s ERC-20 FTM contract, had the capability to empower the attacker to mint Fantom tokens on Ethereum.
While the foundation moved quickly to mitigate the risk, the potential loss estimation was based on the token price at the time of the hack. The organization awarded the security researcher $1.7 million for their contribution to fortifying the platform's security. Despite the recent security incident, the Fantom token demonstrated resilience, marking an 82% increase in value over the past four weeks.