Major Crypto Exchanges suspend FSN Token after $6.4 million theft

The Fusion Network swap wallet has been compromised, causing the theft of around one-third of the FSN tokens.

September 30, 2019, | AtoZ Markets - The Fusion Network is a financial platform, utilizing blockchain technology, and providing users with fast and easy cryptocurrency exchanges. Additionally, the Fusion Network platform facilitates the development of blockchain-based applications and use-cases, thanks to application programming interfaces with a predominantly financial focus.

According to Fusion Network CEO DJ Qian, the platform was hacked at the beginning of September 29 and, as a result, about a third of all FSN tokens currently in circulation were stolen. Based on the CoinMarketCap calculations, the stolen tokens accounted for approximately thirty-eight percent (38%) of all FSNs in circulation.

At the time of the theft, the worth of these tokens was close to $6.5 million. Following the declaration of the hack, the value of the FSN tokens dropped to half.

Crypto Exchanges suspend FSN Token

Deposits and withdrawals of FSN tokens would be suspended on exchanges of cryptocurrency such as Huobi, OKEx, Bitmax, Citex, and Hotbit in an attempt to prevent the laundering of the funds in question. All remaining funds in the swap token wallet were moved to a cold wallet, and anomalous transactions were tracked.

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Theft of FSN tokens

FSN announced in a Medium post published on September 29 about the theft of FSN tokens. Its swap wallet was compromised, which led to the stealing of 10 million native FSNs and 3.5 million ERC-20 FSN chips based on the Ethereum (ETH). The total value of the stolen FSN tokens was estimated at around $ 6.4 million at that time.

It is the first major hack of the network, and Mr. Qian has urged users to remain together as a strong collective, to battle the consequences of the theft. Thankfully, the hacked wallet was identified quickly, and all remaining funds in it were transferred to several hardware wallets and other crypto exchanges like OKEx and Bitmax. According to Mr.Qian, this is an inside job. And the company has already reached some conclusions as to who might be involved. For the Fusion Foundation CEO, the hack was performed by someone who had access to the company’s private wallet keys.

At press time, FSN is trading at around $ 0.174 - over 66% less than the previous day, according to Coin360 data. As Cointelegraph reported yesterday, Amerian Internet infrastructure firm Juniper Networks found new spyware that uses the Telegram app to replace crypto addresses with its own.

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