Multichain suspends operations amid possible hack

From cross-chain protocol Multichain, tokens worth millions of dollars were moved out on the Fantom network. Experts suspected an exploit, and the platform suspended operations.

The moved tokens include 58 million USDC, 1020 WBTC ($30.9 million) 7200 WETH ($13.7 million) and 4 million DAI. The transactions also affected Chainlink, Curve DAO, YFI, Wootrade and UniDex.

The Multichain team confirmed that assets were being withdrawn without authorization, and launched an investigation into the incident.

“The service is currently halted; all bridge transactions will be stuck in their source networks. The timeline for resumption is unknown,” the developers said.

Users also noted withdrawals of assets from the Multichain bridge to Moonriver, including $4.8 million USDC and $1 million USDT.

The Fantom Foundation заверили users that the Multichain incident did not affect the network’s own tokens and that assets remain safe. However, the price of FTM over the last 24 hours fell by 10%, and the MULTI token over this period dropped by 16% (CoinGecko).

In May, Multichain experienced technical issues during a network upgrade. The team faced difficulties in addressing them due to loss of contact with the project’s CEO Zhao Jun.

Binance suspended support for cross-chain bridge-related tokens following the May incident.