Altcoin News: FSN Lost 50% of Its Value Amid Massive Hacking

September 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The developers of the financial blockchain platform Fusion Network yesterday announced the hacking of their wallet.

At 01:34 GMT, DJ Qian, the CEO of the Fusion Foundation in the official FSN group on Telegram announced that the wallet for exchanging FSN tokens in ERC-20 format for tokens of the project’s own network was hacked. According to the statement, 10 million FSN coins were stolen from the Fusion network and 3.5 million FSN based on the Ethereum blockchain, which is 38% of the current cryptocurrency turnover, according to CoinMarketCap.

Against the background of this news, the FSN over-the-counter exchange rate fell by 50% — from $0.50 to $0.25. At the same time, significant differences are observed between different trading platforms. So, on Bitmax FSN is trading below $0.20, and on Huobi —for about $0.40.

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

According to CEO, the tokens remaining in the wallet were transferred to the address of the safe cold storage, and significant exchanges, including OKEx, Huobi and Bitmax, received notification of the incident and suspended the input/output of FSN.

In addition, Fusion is “developing a program to track” stolen assets. According to the company in its blog, the responsibility for hacking may lie with someone who was associated with the Fusion Foundation and had access to the private keys of the wallet, which has “unclear evidence”.

The company also notes that funds on users’ personal wallets remain completely safe, and plans to continue working with exchanges to collect additional information.

Author: Marko Vidrih