Nearly $130M Exploited Across Fantom, Moonriver, and Dogechain Using Multichain Bridges

The Multichain protocol, a cross-chain router, has been exploited, resulting in the loss of nearly $130 million. Unknown attackers siphoned off assets from several token bridges, leading Multichain to advise users to suspend its services and revoke all related contract approvals. The attack targeted the Fantom bridge, draining its holdings of wBTC, USDC, USDT, and other altcoins. The value of the assets affected was over $130 million. The incident has raised concerns on social media, with users speculating about a potential hack. Multichain has faced ongoing problems over the past month, including technical failures and the absence of its CEO. However, the company could not be contacted for comment. Binance CEO Changpeng Zhao confirmed that the exploit did not impact Binance users and offered assistance with the situation. The assets withdrawn from Multichain’s Fantom bridge included $20 million worth of altcoins such as DAI, LINK, and USDT, which were sent to the address 0x9d57. Other transfers involved 1,023 wBTC valued at approximately $30.9 million, 7,214 wETH valued at $13.6 million, and $57 million USDC transferred between two separate addresses. In addition to the Fantom bridge, the Moonriver bridge contract saw outflows of $6.8 million, with most of its wBTC, USDT, USDC, and DAI sent to the address 0x48BeAD. The Dogecoin bridge, believed to belong to Multichain, experienced outflows of over $600,000 in USDC. This incident highlights the vulnerability of cross-chain protocols and the need for heightened security measures in the cryptocurrency industry.

Read the complete article

(Visited 8 times, 1 visits today)

About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

You Might Be Interested In


Your email address will not be published. Required fields are marked *

This is default text for notification bar