Multichain Hit by $120M Cyber Heist; Future Uncertain
Blockchain bridge Multichain has been hit by a cyber heist, with up to USD120 million in stablecoins and tokens stolen. The company has suspended operations, and there are fears it may not resume business. This is the second such attack on Multichain, with a similar incident in 2021 resulting in USD8 million stolen.
The attack, which occurred in July, targeted Multichain's multi-party computation (MPC) wallets. Funds were moved into six different addresses, with USD102 million from the Fantom blockchain being the largest amount. The stolen tokens included Tether, Dai, USDC, Chainlink, wrapped Bitcoin, and wrapped Ether. Multichain has not updated its social media accounts since the day after the attack, fueling speculation about the company's future. CyVers, a web3 security solutions company, suspects the attack might be related to the arrest of the Multichain CEO in May or an insider attack. However, Multichain has not officially confirmed these suspicions. Prior to the attack, Binance had stopped deposits and withdrawals to and from several Multichain derivative tokens due to transaction delays.
The cyber attack on Multichain has raised serious concerns about the security of blockchain bridges. With USD120 million missing, this is one of the largest crypto heists in history. The future of Multichain remains uncertain, with the company yet to resume operations. The investigation into the attack is ongoing, with suspicions of an insider attack or a connection to the arrest of the Multichain CEO in May.
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