$126.3 million worth of tokens withdrawn from the Multichain protocol
Date: 2023-07-07 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
Tens of millions of dollars worth of tokens were withdrawn from the Multichain interconnection router protocol on the Fantom network. PeckShield analysts speculate that a hack may have occurred.
The alleged hacker's account contains $126.3 million worth of cryptocurrency, including $58 million in the USDC stablecoin, 1020 wrapped bitcoin ($30.9 million), 7200 wrapped ether ($13.7 million) and $4 million in the DAI stablecoin, as well as Chainlink, Curve DAO, YFI, Wootrade Network tokens for an unspecified amount.
However, the attacker has not yet transferred the money outside the wallet. He did not sell the assets or move them to a cryptocurrency mixer
Later, the Multichain team confirmed the transfer of money, noting that this is an emergency situation. Now the team is conducting a check. Multichain asked users to revoke all permissions associated with its smart contracts and stop using the services.
The fund also stated that it is aware of the situation with Multichain.
"We are actively assessing the circumstances and will provide an update as soon as we have something to share," Fantom said in a statemen
LayerZero denies involvement
The Layer Zero protocol has previously announced support for a number of assets on Fantom, including USDC, USDT, WETH, and WBTC. This has led to speculation that transfers may be related to token migration. However, the Layer Zero team stated that they were not behind the translations.
"Let's be clear: it wasn't us, but maybe people are moving multi-grid assets to then get them back," the project team suggested.
Past Multichain Problems
During the month of May, Multichain had several technical problems. The project team also revealed that it had lost contact with its CEO after rumors of his detention in China.
The Multichain crisis has worsened since the beginning of June. Back then, server management issues caused by the CEO's absence forced the protocol to suspend service to a number of blockchains.
