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Cross-chain router protocol Multichain has announced that it is "forced to cease operations" because of the lack of operational funds. The announcement follows a report from blockchain analytics firm Chainalysis saying that withdrawals appear to be a “rug pull” by insiders. On July 14, Multichain’s official Twitter account announced that it
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Zhaojun was "taken away" by Chinese police on May 21 with his computers, phones, hardware wallets and mnemonic phrases all confiscated, Multichain said. Since then, the team has had no contact with the boss and has maintained day-to-day operations relying on existing access to servers that had not been revoked
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A person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the
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An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standardize how tokens are bridged between networks. The “Sovereign Bridged Token” standard, or EIP-7281, allows token issuers to create canonical bridges across multiple networks.The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July
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Hackers continue their relentless attacks, displaying no signs of slowing down. Shortly after the Multichain hack, scammers started spreading a phishing link on Twitter.The fraudulent distribution of Fantom (FTM) to users — falsely linked to the Multichain attack — is rapidly spreading on Twitter, attracting significant attention. The post has
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Stablecoin issuers Circle and Tether have frozen over $65 million in assets tied to the suspected exploit of cross-chain router protocol Multichain. The move follows unexplained large outflows from the Multichain MPC bridge on July 6. According to the knowledge graph protocol 0xScope, three addresses that received at least $63.2 million
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Tether Holdings, the issuer of the USDT stablecoin, has frozen two addresses on the Ethereum network that received funds from Multichain’s multi-party computation (MPC) address. The two addresses, currently flagged by Ethereum block explorer Etherscan as “Multichain
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Following the detection of a substantial token movement from Multichain’s bridging networks to an undisclosed address, the platform has temporarily suspended its services. On-chain investigators had previously speculated about a potential multimillion-dollar exploit as they observed
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Fantom (FTM) dropped 9.9% even as developers addressed concerns among community members. “For the avoidance of doubt, FTM was never issued or managed by Multichain, so wFTM, FTM ERC-20, and FTM on Opera are not affected,” Fantom Foundation tweeted. Source
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Abnormally large outflows from the Multichain MPC bridge platform on July 6 have sparked fears that an exploit could be underway. Over $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver.Multichain likely
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