Tens of millions of dollars worth of tokens have been withdrawn from the Multichain bridge on the Fantom network. Some companies specializing in secure Blockchain are already talking about a security breach. Among the coins withdrawn are $58 million from the USDC stablecoin, 1,020 Wrapped Bitcoin or $30.9 million, 7,200 Wrapped Ether or $13.7 million, and $4 million from the DAI stablecoin. Chainlink and UniDex are also part of the lot.
Multichain fund withdrawals on Fantom: hack or manipulation error?
First, on Multichain’s Moonriver bridge, it looks like assets have been moved. These include in particular $4.8 million USDC and $1 million USDT. On Dogechain also there was movement of funds. There is at least $660,000 of USDC sent to the same destination wallet that was used in the movement of funds from Moonriver.
Secondly, all the cryptos transferred to the initial wallets have not yet moved. In other words, the withdrawn funds would not yet have been sold or transferred to a crypto mixing service.
Multichain has not yet communicated on these movements of funds. The Fantom Foundation is aware “of a situation unfolding on the Multichain Bridge..
” We are actively assessing the circumstances and will provide an update as soon as we have more to share.“, can we read in the press release.
What do the experts think of MultChain’s situation on Fantom?
Security firm PeckShield wonders if the phenomenon that appears to be a hack is related to cross-chain platform LayerZero. PeckShield recalls in particular that LayerZero supports the four tokens that have been moved. Except that other tokens outside of these four have been moved.
According to the statements LayerZero CEO Bryan Pellegrino said the issue was not platform-related.
” It’s a multi-chain hack “, he said in a message. “It’s 100% not related to LayerZero. »
For his part, Igor Igamberdiev, Wintermute’s research manager, thinks it is probably someone who controls the bridge.
Already in 2021, Multichain had suffered a hack. Its name at the time was Anyswap. In May, the bridge had several technical problems. Besides, the team doesn’t know exactly where its CEO Zhaojun is. Combined with the other factors, could this hack permanently discredit Multichain?
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