Fusion Network lost $6.5 million due to wallet hack

Posted 30 September, 2019

Fusion Network reported the hack of its wallet, which pushed pricse for Fusion token down by more than 2-fold this week.

The company represents a blockchan-based platform where customers can exchange cryptocurrencies within short period of time.

The company reported in the official Telegram chat that hacker broke in the wallet that is used to exchange ERC-20 FSN token to token of company's own network. As a result, it was lost about 10 million FSN of Fusion mainnet and 3.5 million Ethereum-based FSN.

The market statistics showed that the hackers stole about 38% of overall token supply in the market. 

The total damage amounted to about $6.4 million.

The company took measures to find the lost funds. As a result, it was detected that some FSN tokens were sent to different exchanges for further sales.

After the incident, the remaining tokens were transferred to cold storage. The management also connected trading platforms to inform about possible sales of stolen funds. The list of exchanges included Bitmax, Huobi and OKEx.

Following the reports about the hack, the price for FSN collapsed by more than 52% over a day. For example, the token was quoted near $0.50, but now it stands at $0.23.

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