Fusion Network Hacked, $6.4 Million worth FSN Tokens Stolen


Blockchain-based swap wallet platform the Fusion Network (FSN) has been hacked on September 28, resulting in the theft of $6.4 million (at the time of hack) worth digital tokens, the company announced. The swap wallet with address 0x8e6bDa71f3f0F49dDD29969De79aFCFac4457379 has been compromised to steal 10 million native FSN and 3.5 million ERC20 FSN token. Though the investigation is still under process, the company assured that only one wallet has been affected. The announcement was first made by the platform’s chief executive DJ Qian on Saturday in the official FSN Telegram group.

Image Source: currencymarket24.com

The theft was due to the abnormal wash trading and the stolen fund was transferred to exchanges like Bitmax and Hotbit according to the FSN announcement. The stolen FSN tokens make up 38 percent of the total supply of the token, per Coinmarketcap.com, and the company has now transferred the remaining tokens to secure cold storage. Compromise of the swap wallet was due to the Private Key being stolen. The Fusion Protocol and technology according to the announcement are safe and secure.

Image Source: wp.decrypt.co

The market performance of the token also took a hit amid the hack as it shed more than 51 percent of its value since the hack. However, in the last 24 hours, positive trajectory added 20 percent of the lost value, according to Coinmarketcap.com. Primary exchanges OKEX, Huobi, Bitmax, Citex, Hotbit have suspended deposit and withdrawal of FSN tokens,” the company stated. It is also suspecting the involvement of an insider behind the attack. Abnormal transactions are currently being tracked, and there is uncertain evidence showing that theft may have been caused by personnel related to the Fusion Foundation. The Foundation is working closely with exchanges to gather further information and evidence, the Fusion Network added.

Source: Finance Magnates

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