The Fantom Foundation, the non-profit behind the crypto platform Fantom, recently awarded a security researcher with a bounty of $1.7 million. The researcher was credited with preventing a potential hack of $170 million.
The incident happened on October 17 when an attacker drained over $550k from a reassigned wallet belonging to an employee, resulting in a loss of $7 million. The security researcher identified an additional potential risk associated with the compromise and alerted the Foundation, which helped to avert a possible loss of $170 million.
This was not the first security breach the Fantom Foundation had to deal with. In July, they suffered a $126 million exploit related to the Multichain bridge hack. Since then, the team has taken a proactive approach to network security.