The anomalous cryptocurrency output of hundreds of millions of dollars on the cross-chain protocol Multichain (MULTI) bridge brought along rumors of hacking.
From Multichain’s Phantom bridge from $130 million With the withdrawal of many assets, the hacking allegations flared up. Blockchain security firm PeckShield said on July 6, in sharingwhile being one of the first names to warn about the heavy transfers experienced, it is among the investors. short-term panic it happened.
In a recent incident 58 million USD Coins (USDC), 1,020 WBTC, 7,200 WETH, 10 million WOO And 4 million DAI including from $130 million excess assets were transferred from Multichain bridges to anonymous wallets.
According to Etherscan data, none of these cryptocurrencies have been moved to a place other than the wallet they were originally transferred to, or there has been no attempt to sell them.
While the Multichain team stated that they were aware of the situation shortly after the fund activity, that research continues He contented himself with a cautious statement about it. A second comment on the reactions and the hours passed. in the statement The team found that Multichain services have been discontinued:
Multichain services are currently discontinued and all bridge operations will be stuck on their source points. We cannot give an exact time when the transactions will continue. Please do not use the cross-chain bridging service. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain.
On the other hand, a crypto analyst named Loki Zeng is a part of what happened. it’s not hacked told. As the mainstay, the analyst cited the piecemeal and unhurried shipment of assets.
Multichain team, approx. 1 month ago During the protocol problem CEO Zhaojun He said he couldn’t communicate with him. It has been claimed that the CEO is under investigation, while the fact that there has been no news since then further complicated the events.
MULTI and FTM price drop
In line with the hacking allegations MULTI at the price also decreased. MULTI, $3.05with news from 20% experiencing withdrawal $2.41due to the fact that the event took place on the Phantom bridge while regressing to FTM price was also negatively affected. FTM, in a short time 15% depreciating $0.30from $0.26a fell. According to CoinGecko data, at the time of writing MULTI $2.64from, FTM whereas 0.27 dollartraded from.
After these transfers of hundreds of millions of dollars, price differences arose between Fantom and other bridge networks. in the phantom network 1 USDCtogether with the situation Binance Smart Chain (BSC) in your network 0.9 USDC And Polygon (MATIC) in your network 0.88 USDTIt corresponds to .
Just one day after the Binance decision
Binance, July 5th suspended the day before MultiChain bridged of 8 tokens said it would end support for deposits and withdrawals on some networks. It was noteworthy that the fund activity occurred 1 day after Binance’s announcement.