$6.5M to be Stolen From Fusion Network's Wallet

CEO Dj Qian susptects insider, who had access to the private keys of affected wallet

30 September 2019 820

The price of the Fusion token (FSN) has more than doubled since the developers of the financial blockchain platform Fusion Network announced that they had hacked their wallet. This is written by Decrypt.

According to a statement published on the night of Sunday by project representatives in the official group in Telegram, as a result of breaking into the wallet for exchanging FSN tokens in ERC-20 format for tokens of the project’s own network, a total of 10 million FSN coins of the main Fusion network and 3.5 million were stolen Ethereum-based FSN tokens.

According to CoinMarketCap, this is about 38% of the current cryptocurrency offer. The amount of stolen funds at the time of the hack was estimated at about $ 6.4 million.

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

DJ Qian

CEO, Fusion Foundation

According to him, the tokens remaining in the wallet were transferred to a safe cold storage, and the project representatives also contacted a number of large exchanges, where the stolen tokens allegedly went, including OKEx, Huobi and Bitmax.

DJ Qian also suggested that an attacker could be a person who had access to the private keys of a hacked wallet, noting that the evidence is enough to file a corresponding statement with the police.

Fusion Network is declared as a financial blockchain platform, offering users the ability to quickly and easily exchange cryptocurrency assets and create financial applications.

ICO cryptocurrency Blockchain

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault

26 March 2020 891

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations.

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.