due to a zero day exploit on Google Chrome, some of the Fantom Foundation’s hot wallet assets were stolen today, resulting in a loss of hundreds of thousands of dollars. Most of the foundation's assets are stored in cold wallets and are not affected.
You may ask, what the heck is zero day exploit
A zero-day exploit refers to a vulnerability or security flaw in software or systems that is unknown to the software developers or the organization responsible for maintaining the system. This means that the vulnerability is not yet publicly known or patched, giving attackers the advantage of exploiting it before any countermeasures can be deployed.
The term "zero-day" refers to the fact that developers or security experts have zero days to prepare or patch the vulnerability once it is discovered or exploited. This makes zero-day exploits highly valuable and sought after by cybercriminals, hackers, or government entities for various purposes, including espionage, data theft, or system disruption.
Zero-day exploits can target various software components, including operating systems, web browsers, plugins, or applications. They can allow attackers to gain unauthorized access, execute malicious code, steal sensitive information, or take control of the affected system.
When a zero-day exploit is discovered, it is often sold on the black market or kept secret to be used by sophisticated attackers. However, responsible security researchers or ethical hackers may also disclose the vulnerability to the affected vendor or organization, allowing them to develop a patch or fix to mitigate the issue.
To protect against zero-day exploits, organizations and individuals should follow best practices in cybersecurity, such as regularly updating software and systems with the latest patches, using robust security measures, implementing intrusion detection and prevention systems, and staying informed about emerging threats and vulnerabilities.