1.8 billion dollars blocked, CEO not found… Multichain, an FTX bis scenario?

Apparently, Multichain is on the brink. Besides the almost irremediable technical problems generated by the sudden disappearance of CEO Zhaojun, the hackers seized a good hundred million belonging to investors. In solidarity with the unfortunate victims of Multichain, Circle decides to contribute to the recovery of the stolen funds.

Circle reaches out to Multichain

It’s consistent: suspicious movement of funds on the Moonriver bridge of Multichain, Fantom and on Dogecoin are simply a hack. A vulnerability in the smart contract intended for the management of the bridge transaction has enabled hackers to successfully carry out this exploitation.

Provisional balance sheet: the amount of the sum stolen amounts to 130 million eurosprecise Blockworks.

Other stolen cryptocurrencies include wrapped bitcoin (WBTC), USDC, USDT, ethereum (ETH), DAI and chainlink (LINK).

Temporary suspension of Multichain

The Multichain service is currently discontinued, and all bridged transactions will be blocked on source chains.

There is no confirmed pick up time.

Please, do not use the Multichain bridging service NOW. »

As the jackpot consists ofUSDC, $63 million according to PeckShield, Circle has decided to act. According to Bitcoin Systemthe issuing company of this stablecoin has decided to put the wallets filled with stolen cryptos to Multichain.

$63 Million USDC Stolen From Multichain Frozen

“So $63M USDC (funds extorted from MultichainOrg) is now frozen. »

Binance changes its tone

As soon as the technical problems appeared last May, Binance took important decisions regarding Multichain. CZ’s venture started with the suspension of deposits for 10 bridged tokens.

A few weeks later, Binance hit Multichain again. Other tokens issued on the bridge have been added to its initial list. These are Polkastarter, Alchemy Pay, Beefy Finance and Harvest Finance.

Why act like this? The reason is that Binance is worried about disruptions caused by the Multichain team’s access issues to servers. In case she can’t solve this mysterious disappearance of the CEOnothing better will come.

CZ reaches out to the Multichain team

It looks like another hack has happened on Multichain. This does not affect Binance users or Binance itself. We have traded all assets and closed deposits for quite some time. Either way, we offer our assistance to help resolve the situation.

Stay @SAFU. »

So, Binance would like to kick hand to Multichain in order to solve this problem. THE asset freeze pirates (BTC, ETH or others), for example, is part of the possibilities of the CZ team.

In April 2022, we returned to the technique used by Lazarus Group to steal millions of dollars from Axie Infinity investors via the Ronin bridge. Our article is indeed full of recommendations to avoid this kind of mishap almost similar to the Multichain case.

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