Multichain protocol hack was reported on July 6. It was revealed that money amounting to $125 million (or around $17.7 billion) had left a Multichain-provided cross-chain bridge.
Blockchain security and data analytics company PeckShield reported the leakage.
Chain-to-chain protocol Following large outflows to numerous wallets totaling an astounding $125 million, Multichain has ceased operations.
The Multi Chain MPC address’s lookup assets have been abnormally transferred to an unknown address. The group is looking into what transpired since they are unsure of what happened. It is advised that all users stop using Multichain services and cancel all contracts with Multichain.
The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally.— Multichain (Previously Anyswap) (@MultichainOrg) July 6, 2023
The team is not sure what happened and is currently investigating.
It is recommended that all users suspend the use of Multichain services and revoke all contract approvals…
The largest attack appears to have taken place on the Fantom bridge, when $122 million worth of assets, including wBTC, USDC, USDT, and other altcoins, were stolen.
This incident intensifies Multichain’s current problems, which also include its CEO’s absence and technological difficulties. Unaccounted withdrawals from Multichain’s Fantom, Moonriver, and Dogecoin bridge contracts, which raised suspicions of a possible hack, added to already growing concerns.
Binance, a cryptocurrency exchange, also made the decision to halt deposits and withdrawals for eight alternative coins linked to the Multichain system.
After the news was made public, Multichain’s ($MULTI) price dropped by more than 16% in a short period of time, and it is currently trading at $2.62.