Multiple bridge contracts operated by Multichain saw big breakouts in multiple popular tokens on Thursday. For the exits, the altcoin project team has not yet made a statement.
Allegations of ‘hacking’ in the altcoin project, whose CEO has disappeared!
The unannounced moves have stripped Multichain’s Phantom bridge almost all of its holdings in wBTC, USDC, USDT and a handful of altcoins. The total value of the assets is over $130 million. On-chain detectives described this activity as extremely unusual. Michael Kong, CEO of the Phantom Foundation, said he was “researching” the issue. In addition, the Phantom Foundation made a statement on the subject on its Twitter account:
We are aware of a situation occurring on the multichain bridge. We are actively evaluating the conditions. We’ll provide an update as soon as we have more to share.
Multichain has been under pressure for over a month due to failing technology and its AWOL (disappearing) CEO. The trio of unexplained exits from Multichain’s Fantom, Moonriver, and Dogecoin bridge contracts have sparked fears of a possible hack on crypto Twitter. The altcoin project team has not yet made an official statement on the subject.
cryptocoin.comAs you’ve been following on, Multichain’s CEO, Zhaojun, has gone missing in the past weeks. The altcoin project attachment said they had not heard from the CEO. After a problem with Multichain, the team said, “The team did everything possible to keep the protocol up and running. However, we were unable to contact CEO Zhaojun. Therefore, we cannot access the server required for maintenance.”
Over $130M unannounced exits in Multichain Bridges
Some hard-to-find crypto projects began informing their communities on Thursday that they were not affected by the “potential exploit” of Multichain. “As of now, Abracadabra is unaffected by the potential Multichain exploit,” said the team behind the Magic Internet Money stablecoin on the Discord project. We are investigating with interested parties to learn more,” he wrote.
Assets were transferred from the Multichain Fantom bridge and at least $20 million in altcoin 0x9d57, including DAI, LINK, and USDT. In other transfers, outbound transactions of 1,023 wBTC (~$30.9 million), 7,214 wETH (~$13.6 million) and 57 million USDC were made between two separate addresses.
Multichain’s Moonriver bridge contract saw $6.8M token outflow with nearly all of wBTC, USDT, USDC and DAI going to 0x48BeAD. Witnessed over 600,000 USDC outflows at an address identified as Mulitchain’s Dogecoin bridge.
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