$125 million worth of funds seized from Multichain’s cross-chain bridges last week are continuing to move. In the last 12 hours, there have been millions of fund outflows involving AVAX and various coins.
Multichain event witnessed massive AVAX, ETH and BTC outflow
On July 6, Multichain fell victim to $125 million worth of hacks. In the last 12 hours, there have been a number of abnormal outflows from funds obtained from the hack. According to on-chain data, approximately $117 million worth of funds have been transferred to a new address. The latest transfers come shortly after the $130 million fund outflow on July 7.
Exits from Multichain have affected multiple networks, including Fantom, Arbitrum, BNB Chain, Avalanche, Cronos, Polygon, Moonbeam, Optimism, and Ethereum. The breakdown of funds transferred reveals the surprising extent of the event…
Coins moved from Multichain in the last 12 hours
According to a report by Chinese crypto researcher Wu Blockchain:
- 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT and 52 BTC from Phantom;
- Along with 7.5 WBTC, 2,891 WETH and 8.7 million USDC flowed from Arbitrum.
- Also, 209,000 USDC and 50.8 BTCB were moved from BNB Chain.
- Avalanche (AVAX) witnessed the exit of 2.38 million DAI, 33.76 WBTC.e, 667.4 WETH, 9 million USDC and 616,000 DAI from Cronos.
- Additionally, Polygon experienced an exit of 19.95k USDC, 5,582 WETH and 7.05 WBTC.
- Moonbeam saw 237,600 USDC withdrawn.
- Optimism, on the other hand, saw its 37,000 USC debut.
- Finally, 21.91 WBTC, 10.36 million DAI and 15,000 DAI were transferred from Ethereum.
Tether and Circle stepped in
cryptocoin.com As we reported, the largest stablecoin companies Tether and Circle have blacklisted a number of wallets carrying over $65 million in funds following the hack. These firms froze $67.5 million USDC and USDT, representing about 50% of the funds obtained from the Multichain attack.
Blockchain security firm Peckshield reports that Circle has blacklisted three addresses receiving exit funds from Multichain. Three addresses, 0x027F1, 0xefEeF, and 0x48BeA, were holding $65 million in USDC.
Phantom also announced that Tether has blacklisted 0x37254 and 0x9abf66. The two addresses were holding about $2.5 million in USDT. Meanwhile, Popsicle Finance founder Daniel Sestagalli announced that the project will burn $1.8 million worth of ICE tokens stolen by the Multichain exploit. The Popsicle founder added that the project will airdrop WAGMI tokens to affected Fantom Multichain users.
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