The abnormal cryptocurrency output of hundreds of millions of dollars in the cross-chain protocol Multichain (MULTI) bridge brought along rumors of rug-pull.
Recently from Multichain’s Phantom bridge from $130 million There was a lot of outflow of assets. After that 10 July about the day 117 million dollars worth of crypto money has been moved to the wallet named “0x1e…477b”. The latest activity brought to mind that a rug-pull might be being made by the team.
In parallel with this transfer, 10.2 million Tether (USDT) was moved to a different address. Transferred by on-chain analytics firm Lookonchain in data 10.2 million USDT “Fake_Phishing183873” and then the entire asset Converted to Ethereum (ETH) seen.
While there has been no update yet from the team, who announced that all transactions and networks have been stopped after the recent events, market analysts have warned of a possible rug-pull began to concentrate on Blockchain security firm that published a report on Multichain whose CEO has been missing for over a month chainalysismade the points that support the rug-pull rumors.
On target of rug-pull possibility addressed by Chainalysis After the CEO’s disappearance chaos ensued. One or more people from the Multichain team In the report, which included suspicions that it may have taken over the system, it was mentioned that the increased shooting processes, especially in the last 24 hours, inflamed the rumors among the community.
While Multichain has not yet made an explanation for the rumors, it remains unclear whether what happened was a hack or a rug-pull.