$6.4M Worth of FSN Tokens Stolen From Fusion Network’s Swap Wallet

Must Read

Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of...

Maker Launches New Dai Today, Expects to Phase-Out Old Dai in Months

Decentralized autonomous organization (DAO) Maker will launch a new type of Dai (DAI) stablecoin today. Known as...

Visa Works on Blockchain System For Large-Scale Private Data

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.
- Advertisement -

Fusion Network’s token swap wallet was compromised. Roughly a third of FSN tokens was stolen as a result.

Fusion Foundation announced in a Medium post published on Sept. 29 that its swap wallet was compromised, which resulted in the theft of 10 million native FSN and 3.5 million Ethereum (ETH)-based ERC-20 FSN tokens. The total worth of stolen FSN tokens was estimated at around $6.4 million at that time.

The Foundation’s investigation has not revealed any other affected wallets so far. The alleged cybercriminal reportedly started to launder the coins already:

“After the currency was stolen, abnormal wash-trading behaviour occurred, and some of the stolen tokens were sold across exchanges, in particular Bitmax and Hotbit.”

Private key stolen

The attacker reportedly obtained access to the wallet by stealing the private key associated with it. The author of the post claims that “the Fusion Protocol and technology itself has been and remains secure.”

In an attempt to prevent the laundering of the funds in question, deposits and withdrawals of FSN tokens have been reportedly suspended on cryptocurrency exchanges such as Huobi, OKEx, Bitmax, Citex and Hotbit. All the funds remaining in the token swap wallet were moved to a cold wallet, abnormal transactions are being tracked. Lastly, the Foundation is also working on some unspecified technological approaches to recover the funds.

As of press time, FSN is trading at around $0.174 — over 66% lower than the one it traded at yesterday, according to Coin360 data.

As Coinworld360 reported yesterday, Amerian Internet infrastructure firm Juniper Networks found a new spyware that uses Telegram app to replace crypto addresses with its own.

- Advertisement -
- Advertisement -

Latest News

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...

Bitpanda digitizes physical gold and silver

Vienna, 13 May 2019 – Vienna-based fintech Bitpanda launches gold and silver trading for its 1 million users. The new...