spot_imgspot_imgspot_img

Multichain Confirms Attack on Fantom, Moonriver, and Dogechain Bridges

  • Developers of Multichain have confirmed an exploit that affected user-provided tokens, resulting in a loss of over $130 million.
  • A total of approximately $130 million worth of different tokens were drained through bridges on Multichain’s Fantom, Moonriver, and Dogechain blockchain networks.
  • The native token of Multichain, MULTI, experienced a drop of around 20% from $3 to $2.41.

The hack attack on Multichain, which shook the cryptocurrency market, prompted the development team to issue a statement confirming the attack and warning users to exercise caution.

Multichain Issues Statement on the Attacks

multichain-multi

Developers of the cross-chain router Multichain confirmed in a statement today that they had identified an exploit affecting user-provided tokens, resulting in a loss of $130 million and urged users to refrain from using the service. The developers stated that the team is currently investigating the issue and added:

“It is recommended that you suspend the use of Multichain services and cancel all confirmations of Multichain-related contracts. Multichain service is currently suspended, and all bridge operations will remain stuck on source chains. No confirmed timeline.”

Bridges like Multichain enable token transfers between different networks. They are a critical yet highly vulnerable component of the crypto ecosystem, with bridge-related attacks resulting in a loss of $2.66 billion according to DeFiLlama.

On Thursday, Multichain experienced a drain of different tokens worth approximately $130 million through bridges on the Fantom, Moonriver, and Dogechain blockchain networks.

According to on-chain data, the largest stolen amounts were $62 million of USD Coin (USDC), $31 million of wrapped Bitcoin (wBTC), and $13 million of wrapped Ethereum (wETH). The stolen tokens have not been sent to exchanges yet and have not passed through mixing services like Tornado Cash.

Other affected tokens include 5 million DAI, 910,000 UNIDX ($3.3 million), 491,000 LINK ($3 million), 2.5 million USDT, 9.7 million WOO ($2.1 million), 1.3 million ICE ($1.8 million), 1.36 million CRV ($1 million), 134 YFI ($914,000), and 502,000 TUSD.

Fantom (FTM) also experienced a drop of over 10% even in an environment where concerns were addressed among community members. The Fantom Foundation stated:

“To be clear, FTM was never minted or managed by Multichain, so wFTM, FTM ERC-20, and FTM on Opera were not affected.”

Prices Drop upon Discovery of the Hack

At the time the allegations of the hack attack surfaced, the native token of Multichain, MULTI, was trading at $3 before dropping to $2.41, marking a decrease of around 20%.

Fantom was another affected project, with FTM token price dropping over 10% from $0.29 to below $0.26. The Fantom team acknowledged the issue but the token continued to face significant selling pressure.

The MOVR token of Moonriver experienced a 7% drop from $5.79 to $5.37.

The token of Dogechain, DOGE, did not witness a significant price drop but experienced a slight decrease of around 3% from $0.066 to $0.065.

During these events, the price of Bitcoin dropped to as low as $29,701 before experiencing a slight recovery. The current Bitcoin price is $30,138.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.

Bitcoin, The 21st Century’s Berkshire Hathaway, Says SkyBridge’s Scaramucci

In a bold statement, Anthony Scaramucci of SkyBridge Capital compares Bitcoin to Berkshire Hathaway, suggesting that the cryptocurrency holds significant long-term value and wealth generation potential akin to the conglomerate led by Warren Buffett.

XRP Token Burning Hits Record High as Prices Surge!

In an intriguing development, the XRP Ledger has experienced an abnormal spike in token burning, coinciding with a robust rally in XRP prices, reflecting heightened activity and interest in the cryptocurrency.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.