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Binance CEO CZ Speaks About the Attack on Multichain

  • Binance CEO Changpeng Zhao (CZ) addressed the recent exploit incident on the Multichain protocol and reassured Binance users that their funds are safe.
  • According to COINOTAG reports, approximately $130 million worth of Multichain assets were drained from various wallets connected to the Multichain protocol.
  • In response to the attacks and to ensure user security, Binance recently made the decision to halt all deposits and withdrawals for tokens with more than ten Multichain bridges.

In a statement regarding the Multichain hack incident that shook the crypto community on the evening of July 6th, Binance CEO reassured users that their funds are safe.

CZ’s Statement on the Multichain Incident

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Binance CEO Changpeng Zhao (CZ) responded to the recent exploit incident on the Multichain protocol and reassured Binance users that their funds are safe. On Thursday, July 6th, an exploit occurred on the Multichain bridge, resulting in the withdrawal of a significant amount of funds believed to be worth millions of dollars.

According to COINOTAG reports, approximately $130 million worth of Multichain assets were drained from various wallets connected to the Multichain protocol. The largest exploit occurred on the Fantom bridge, with losses estimated at $122 million.

Specifically, assets such as wBTC, USDC, USDT, and other altcoins were removed during the incident, triggering investigations into the matter.

Changpeng Zhao stated the following about the incident:

“It seems like there was another hack on Multichain. It DOES NOT affect Binance or Binance users. We swapped all the funds a while ago and closed deposits. We are here to help whatever the case may be. Stay #SAFU.”

What Will Happen with Multichain Now?

Following the exploit, the Multichain protocol tweeted acknowledging the abnormal movement of assets locked to an unknown address from the Multichain MPC address. The team is currently investigating the incident and does not have definitive information about the nature of the exploit. Developers advised, “It is recommended that all users suspend Multichain services and cancel all contract approvals related to Multichain.”

In response to the attacks and to ensure user security, Binance recently made the decision to halt all deposits and withdrawals for tokens with more than ten Multichain bridges. This decision came after the previous suspension of these tokens due to certain transactions being frozen in the Multichain (MULTI) protocol in May.

COINOTAG reported the temporary suspension of deposit transactions for bridge network tokens, pending statements from the Multichain team. Binance’s decision aims to prevent potential vulnerabilities and protect users against possible risks associated with the Multichain exploit.

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Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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