Hackers were able to mint XFTM, a representation of Fantom’s FTM on fantasm_finance, by using a small amount of Fantasm’s FSM tokens. They then swapped the funds for 1,007 ether on Tornado Cash. By shauryamalwa
ether – about $2.6 million at current prices – using privacy protocol Tornado Cash, which allows for anonymous token swaps.that some of the FTM collateral was “white hacked,” a process that refers to exploiting a protocol to flag security concerns or, in this case, recover tokens at the risk of getting hacked. project aimed at developing synthetic tokens for the Fantom ecosystem.
DeFi broadly refers to the use of smart contracts instead of third parties for providing financial services to users, while synthetic tokens are blockchain-based representations of financial assets, such as other cryptocurrencies.that additional vulnerabilities related to Fantasm’s flash-loan product might still exist.
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