Cross-chain router protocol MultiChain has suffered a major exploit, leading to the loss of nearly $130 million as an attacker drained funds from various token bridges. MultiChain announced on Twitter that assets on their MultiChain MPC address had been moved to an unknown address, prompting an ongoing investigation. The exploit targeted MultiChain’s Fantom bridge, causing significant outflows of major cryptocurrencies such as wBTC, USDC, USDT, and several altcoins.
The unusual activity and unexpected outflows from MultiChain’s Fantom, Moonriver, and Dogecoin bridge contracts raised concerns within the crypto community, leading to speculation of a potential hack. MultiChain has faced pressure in recent weeks due to technical failures and the absence of their CEO. The exploit resulted in the loss of almost all assets held in MultiChain’s Fantom bridge, totaling over $130 million.
The MultiChain team has recommended that users suspend the use of their services and revoke any contract approvals related to MultiChain. On-chain investigators and the Fantom Foundation CEO, Michael Kong, are closely monitoring the situation and actively looking into the exploit. While Binance CEO Changpeng Zhao confirmed that the exploit does not impact Binance users, the incident has raised questions about the security measures and resilience of cross-chain protocols.
As the investigation continues, the crypto community remains vigilant, awaiting further updates and measures to mitigate the damage caused by the exploit. The incident serves as a reminder of the importance of robust security practices in the crypto space, and MultiChain’s response will be crucial in restoring trust and safeguarding user assets moving forward.
