- Multichain experiences an abnormal movement of funds from locked assets.
- A tracking platform discloses that $127 million were moved due to the breach.
- The CEO of Binance offered to assist Multichain, while assuring Binance’s own users were unaffected.
In a shocking turn of events, Multichain, a prominent cross-chain router protocol with a trading volume of over $100 billion, has fallen victim to a mysterious hack resulting in the loss of $127 million of locked assets.
The protocol took to Twitter to inform users about the incident, advising them to immediately suspend Multichain services and revoke all contract approvals related to the platform.
The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals…— Multichain (Previously Anyswap) (@MultichainOrg) July 6, 2023
Following the distressing news, Multichain’s team initiated an investigation to ascertain the nature and extent of the incident.
Lookonchain, a well-known market tracker, revealed the staggering figures of the assets involved in the abnormal movement. It highlighted that approximately $127 million of assets on Multichain were transferred to six different addresses.
The affected assets include $62.6 million in USDC, $31 million in WBTC, $13.4 million in WETH, $5 million in DAI, $3.3 million in UNIDX, $3 million in LINK, $2.5 million in USDT, $2.1 million in WOO, $1.8 million in ICE, $1 million in CRV, $914,000 in YFI, and $502,000 in TUSD.
~$127M locked assets on #Multichain were abnormally moved to 6 addresses ~7 hrs ago.Including:62.6M $USDC1,030 $WBTC($31M)7,214 $WETH($13.4M)5M $DAI910K $UNIDX($3.3M)491K $LINK($3M)2.5M $USDT9.7M $WOO($2.1M)1.3M $ICE($1.8M)1.36M $CRV($1M)134 $YFI($914K)502K $TUSD pic.twitter.com/C4c6nnbGQv— Lookonchain (@lookonchain) July 7, 2023
The severity of the breach attracted the attention of major industry players, including the CEO of Binance, Changpeng Zhao. The CEO expressed concern over another recent hack targeting Multichain, clarifying that this breach does not affect Binance users or the exchange itself.
Looks like another hack happened on Multichain. This DOES NOT affect users on @Binance or @Binance itself. We have swapped all assets out and closed deposits a while back. Regardless, we offer our assistance in helping with the situation.Stay #SAFU. https://t.co/GGInbxFkic— CZ Binance (@cz_binance) July 7, 2023
Zhao extended a helping hand to Multichain to address the situation, noting the importance of maintaining a secure environment for all participants in the crypto space. He assured the community that Binance had taken proactive steps to mitigate any potential impact on its own users by swapping all assets and suspending deposits well in advance.
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