- Phantom Foundation Director Andre Cronje confirmed that an employee lost $7 million worth of cryptocurrency in a phishing attack.
- However, all Phantom Foundation funds were safe.
- FTM prices fell following the news.
A Phantom Foundation employee lost $7 million worth of cryptocurrency due to a phishing attack on his personal wallet. Co-founder and architect Andre Cronje said the attack did not affect user funds or the Phantom Foundation’s funds. the block.
Previous reports incorrectly stated that the exploit ended with the attackers draining the Phantom Foundation’s wallet, causing the native Phantom (FTM) token to plummet. However, while zero-day exploits have reportedly targeted employees’ wallets, FTM prices are struggling to gain momentum.
Phantom price plummets on exploit news
Fantom was trading at a high near $0.19 this morning. However, once news of the exploit hit the market (in the hacked version of the Phantom Foundation), the price of FTM quickly fell to $0.17. With a drop of nearly 10%, the altcoin price gave up all the gains it had seen on Monday, amid market volatility.
phantom price chart
This decline took FTM/USD to its lowest price level since the decline on August 17th. The only other time FTM/USD traded at this level was in November 2022. At that time, the collapse of cryptocurrency exchange FTX plunged the cryptocurrency market into a negative mood.
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