• Multichain’s protocol has come to a halt after an exploit resulted in $126 million stolen from its MPC address.
• Users of the protocol have been urged to revoke all approvals associated with it.
• The Fantom Foundation is evaluating the circumstances and providing updates as they become available.
Multichain Protocol Halts After Hack
Multichain’s protocol has come to an abrupt halt after detecting abnormal fund movements from its MPC address. The hack, amounting to a staggering $126 million, has sent shockwaves through the blockchain community and led users of Multichain’s protocol to revoke all approvals associated with the platform. The Fantom Foundation is currently evaluating the circumstances and providing updates as they become available.
What Is the Hack?
The exploit was reported by blockchain security firm Peckshield and involved the attacker transferring $126 million from Multichain’s Fantom (FTM) and Moonriver (MOVR) bridge. As a result, the value of its MULTI token fell by over 16% to $2.60 following the attack. Tokens worth ~$16M, including $DAI , $LINK , and $USDT were sent to address 0x9d57 while other transfers involved ~$27.6M in USDT tokens being moved out of Multichain’s wallets.
Who Does this Affect?
The hack affects users of Multichain’s protocol who are advised to take necessary precautions for safeguarding their funds, revoking all approvals related to Multichain, and considering how this exploit may impact their holdings and investments.
What Should I Do?
If you are a user of Multichain, it is crucial that you follow the advice provided by them: stay updated on developments shared by Fantom Foundation regarding this incident; take necessary precautions for safeguarding your funds; consider how this exploit may impact your holdings and investments; and finally revoke all approvals related to it.
Conclusion
This breach has not only raised concerns about the security of Multichain but also prompted users to question their safety in decentralized finance . It is important that users take appropriate measures for protecting their funds in such volatile environments where hacks can occur without warning or prior knowledge of safety protocols implemented by networks or developers .