What’s Happening in Multichain? $130 Million Worth of Cryptocurrency Stolen!

Suspicious withdrawals on Multichain in the past hours have caused concern in the community; $130 million worth of cryptocurrency lost!

Suspicious Withdrawals on Multichain Stir Up the Community

A series of major withdrawals of popular tokens were seen on Multichain’s Fantom bridge on Thursday. Assets such as wBTC, USDC, USDT, and several altcoins were withdrawn from Multichain. These assets had a total value of over $130 million. On-chain data described the activity as highly unusual; Fantom Foundation CEO Michael Kong said, “I’m looking into it.”

There has been a hack attack on Multichain (MULTI), and the affected assets include $WBTC, $USDC, $DAI, $ETH, and $LINK.

The total loss from the hack attack on Multichain has been determined to be more than $130 million so far.

— CoinOtag EN (@coinotagen) July 6, 2023

Multichain has been under pressure for over a month due to failed technology and the CEO’s disappearance. Three undisclosed withdrawals from Multichain’s Fantom, Moonriver, and Dogecoin bridge contracts raised concerns of a possible hack.

In this situation where obtaining information is difficult, some crypto projects made statements to their communities stating that they were not affected by Multichain’s “potential exploit.” The team of the Magic Internet Money stablecoin project said, “We would like to state that Abracadabra is currently not affected by the potential Multichain exploit and we are conducting an investigation with the relevant parties for more information.”

Among the assets withdrawn from Multichain’s Fantom bridge were altcoins worth at least $20 million, including DAI, LINK, and USDT, which went to the address 0x9d57. In other transfers, 1,023 wBTC (~$30.9 million), 7,214 wETH (~$13.6 million), and $57 million worth of USDC were sent to two separate addresses.

Fantom made the following statement regarding the matter;

“We are aware of a situation that has arisen on the Multichain bridge. We are actively evaluating the conditions and will provide an update as soon as we have more to share.”