Multichain (MULTI), a rug pull?  Report of a new $103 million hack

Multichain smells scorched. Because after a $125 million theft was confirmed last week, a new hack worth $103 million has been reported. Analysts do not rule out the thesis of a internally set up.

Multichain, about 230 million dollars evaporated

What looked like suspicious transactions of ten million withdrawn via the Fantom network has become a proven hack. Luckily Circle and Tether were able to get their hands on some of the stolen stablecoins. If so, it will no longer be a hemorrhage, but a bloodbath.

But to believe the last news, the old Anyswap platform has been hacked again. The amount seems enormous: 103 million dollars.

The details of the new Multichain attack

Another $103 million was transferred from Multichain to address 0x1eed63efba5f81d95bfe37d82c8e736b974f477b.

Full Transfer [des fonds] from Fantom, Arbitrium, Optimism, Cronos, Polygon, Avalanche, BNB Chain, Moonbeam, Ethereum:

$USDC: $23,999,250

$fUSDT: $29,657,932

$WBTC: $2,139,053

$WETH: $17,168,126

$ETH $10,102,001

$DAI: $2,994,317

Total: $103,277,346

Transfer behavior:

1) Transfer of a large number of assets through liens;

2) The assets come from several chains, which implies a large number of private keys;

3) Large time interval between transfers.

This indicates that the attacker may have taken control of all the assets and is in no rush to transfer them. Based on the previous analysis, we assume that this may be an internal transaction. »

Result : MULTI lost 27% of its value in a week. At the time of writing, it was trading at $2.38.

Why so easy?

First, we will note that Multichain presents itself as a cross-chain protocol facilitating the exchange of multiple crypto currencies on multiple blockchains.

Then you must have learned that no one, even Multichain developers, can access the servers in the network. Now, the only key holder, CEO Zhaojun, disappeared from circulation. Some analysts put forward the theory of an arrest by the Chinese authorities. But till now, no news regarding the latter has been revealed.

It is also said that the compromise of administrator keys of Multichain would have facilitated his series of attacks.

As a result, there is a strong chance that Zhaojun himself is behind these malicious operations.

Although it is possible that these keys were taken by an external hacker, many security experts and other analysts believe that this exploit could be the result of internal work or a ‘rug pull’, in part due to recent issues with Multichain “says the blockchain analysis company chain analysis.

Multichain, a rug-pull?

Our June 2 article highlighted the seriousness of the case of Multichain. $1.8 billion belonging to stranded clients, CEO not found… Difficult to rule out an FTX bis scenario at this stage.

Regarding the word ” rug sweater “, the literal translation “pulling up carpet” will not teach you more than this. The rug pull occurs when the developers of a project raise funds for its realization. Once up and running, these once-reliable promoters disappear with client funds.

DecentraWorld’s rug pull illustrates this fraudulent practice well.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts