Hacker Behind Fantom Foundation Breach is Trading ETH Better than Most Traders

The hacker behind the Fantom foundation exploit has made a remarkable profit of $200k within a couple of days by trading the stolen funds.

What Happened to the Fantom Foundation?

Recall that Fantom foundation suffered a security exploit earlier this month which led to the platform losing about $7 million worth of cryptocurrency. The breach which occurred as a result of a zero-day exploit on Google Chrome saw the hacker making away with 4,501.58 ETH.

The Fantom Foundation is the developer behind Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. According to DeFiLlama, the network has over $45 million in assets locked within its contracts.

Drainer Turned Trader

According to the blockchain tracking platform Lookonchain, the hacker appears to be a good trader. The transactions he has been making with the stolen ETH since October 26 has earned him profits of about $200K.

On October 26, the hacker address first sold 4,390 ETH ($7M) at a price of $1,842 for approximately 8 million DAI. Then, he proceeded to buy 4,556 ETH using DAI at a price of $1,775 on October 29. When the asset price increased today, he sold 4,561 ETH for almost 8.3 million DAI at the price of $1,819.

Based on Lookonchain’s analysis, the hacker appeared to have timed the market and traded ETH on exact timing to carry out the profit within 4 days.

Currently, the address holds approximately $8.3 million in DAI and roughly $10k of ETH, according to DeBank.

Another Exploit

In another incident of crypto exploit, a fraudster has rug-pulled on three different fake memecoins–MEME, MEMEPAD and TITANX in just a day after they were created.

As per report from PeckShield, all three rugpulls coins which share the same name as the legitimate ones have now dropped 100% after developers swapped their tokens and drained liquidity pools on Uniswap.

Data from Etherscan shows that the swaps were carried out at the same time, which combined drained 134 ETH, about $243k from liquidity pools.

With incidents of exploits and rugpulls constantly happening in the crypto space, protocols can up their game when it comes to auditing code, monitoring network activity and setting clear attack response plans when a breach does occur. It will play a vital role in keeping this attacks at low.