As confirmed by his team, Multichain was the victim of $125 million worth of hacks. The cross-chain focused crypto project has currently suspended all its activities.
Phantom bridge suspends operations after million-dollar crypto hack
Abnormally large exits from the multichain MPC bridge platform raise fears of multi-million dollar hacks. On July 6, observers noticed about $102 million worth of cryptocurrencies being withdrawn from the Phantom bridge on the Ethereum side of Multichain, as well as $666,000 from Dogechain and $5 million from Moonriver.
According to reports, $125 million worth of assets from Multichain came out of several different wallets. Shortly after, Multichain Protocol announced that they were investigating the matter. The Curve team intervened and confirmed the hack on Twitter: “Multichain has probably been hacked. Exit all multichain assets! It would be a good idea to revoke confirmations in the multichain network”
The cryptocurrencies in question pulled from the Ethereum smart contract of the Phantom bridge on July 6:
- 7,214 Wrapped Ether (WETH) (worth $13.6M)
- 1,024 Wrapped Bitcoins (WBTC) (worth $31M)
- US Dollar Coin (USDC) worth $58 million
- In total, approximately $102 million worth of cryptocurrencies were withdrawn.
In addition, the Ethereum contract of the Dogechain bridge has seen a pullback of $666,000, representing more than 86% of its total deposits. Only about $100,000 worth of assets remained on the bridge. $5,872,661 worth of USDC and Tether (USDT) were withdrawn from Multichain Moonriver bridge contracts on Ethereum. Only about $700,000 remained.
Several on-chain detectives took to Twitter to label the incident as a possible exploit. Blockchain security firm Peckshield tagged the Multichain team in a post showing Phantom bridge transactions. “You might want to take a look,” he said later.
Multichain continues to come up with problems
By the way, the Multichain team had previously said that the movements were abnormal. He even stated that the team is “not sure what happened and is currently investigating.”
Multichain has been suffering from unclear technical issues for the past few weeks. On May 31, the team announced that their CEO had gone missing and they had “multiple problems due to unforeseen circumstances”, which resulted in delayed transactions. On July 5, Binance stopped withdrawing some Multichain derivative tokens due to the network not processing transactions in a timely manner. cryptocoin.com You can reach the events around Multichain in May from this article.
Multichain bridges under attack
Finally, popular crypto analyst Colin Wu reported that, based on data from deExplorer, some users are using DLN Trade to trade assets on the Phantom chain with assets on other chains at a discounted rate. Transactions show that Phantom 1 USDC can be converted to BSC 0.9 USDC, Polygon 0.88 USDT and more with around 10% discount.
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