Now Reading
Fusion’s $6.4M Cryptocurrency Loss might be an inside job

Fusion’s $6.4M Cryptocurrency Loss might be an inside job

On September 28, Fusion Protocol, a blockchain-powered exchange platform has undergone nearly $6.4 million cryptocurrency loss. As written in their blog post, the author highlighted that the Fusion Wallet was compromised, resulting in a loss of 10 million native FSN and 3.5 million ERC20 FSN tokens.

The firm assured that their own wallet has been hacked, however, it does not affect users’ wallets. Despite that, the crypto investors promptly react to the shocking and heartbreaking announcement via Telegram. The action taken by the investors had caused the value of FSN to drop half from $0.50 to $0.25 in less than seven hours.

On further investigation, the firm noticed a wash-trading trend in the exchange and discovered the stolen tokens were traded across exchanges, such as Bitmax and Hotbit. They did not deny the possibilities it was carried out by an insider as the private key was stolen.

Following the issue, most of the exchanges, particularly OKEx, Huobi, Citex, Bitmax and Hotbit suspended the deposit and withdrawal transactions of FSN tokens.

See Also

Despite any circumstances, the firm assured users that their platform is still safe and secure.

What's Your Reaction?
Angry
0
Confused
0
Excited
0
Happy
0
Okay
0
Sad
0

© 2020 Techcryption Media Sdn Bhd . All Rights Reserved

Scroll To Top