News The Fusion Network: Hacked? - Decrypt

The Fusion Network: Hacked? – Decrypt


- Advertisment -

The Fusion Network, a blockchain-based financial platform that makes it easy to swap stablecoins, among other things, appears to have been hacked earlier today.

At 6:34pm EST Saturday, Fusion Foundation CEO DJ Qian announced in the official FSN Telegram group that the token-swap wallet, an Ethereum address used to swap ERC-20 FSN tokens for tokens on the FSN mainet, had been compromised. Qian said 10m native FSN and 3.5m ERC-20 FSN were stolen—a combined 38% of circulating supply according to CoinMarketCap.

FSN Was trading at just under $0.25, down around 50% on the day. The lost funds appear to have been worth approximately $6.4 million at the time of the hack.

“After it was stole, we found the [thief] kept moving those stolen FSN in order to wash the address holding FSN, and sent part of the them to exchanges to sell,” Qian said in the Telegram group.

Want the best of crypto news straight into your inbox?


Qian said the remaining tokens in the wallet had been moved to a safe cold storage address, and major exchanges, including OKEx, Huobi and Bitmax had been contacted. He added that Fusion was “developing a program to track and trace” the stolen FSN.

Qian suggested someone with access to the foundation wallet’s private keys was to blame, and said the team has evidence as to the individual(s) responsible that is strong enough to contact police. 



Please enter your comment!
Please enter your name here

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -The Fusion Network: Hacked? - Decrypt

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you