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With an abrupt halt in their tracks, over $65 million in cryptocurrency assets related to a possible exploitation of the cross-chain routing protocol, Multichain, has been frozen by the stablecoin giants, Circle and Tether. The blockage was a response to significant yet unaccounted for withdrawals from the Multichain MPC bridge that transpired on July 6.
As per data from the 0xScope knowledge graph protocol, there are three addresses currently frozen that received a combined total of more than $63 million in USD Coin (USDC) from Multichain. Concurrently, the Fantom Foundation highlighted that an additional $2.5 million in Tether (USDT) had been seized from two other addresses deemed suspicious by Etherscan.
July 6 saw a massive sum of over $125 million in cryptocurrencies pulled out from various wallets, putting a strain on the ecosystems of Dogechain, Moonriver, Kava, Conflux, and Multichain’s own Fantom bridge. The mystery behind this sudden and irregular mass transfer of assets persists.
The peculiar fund transfer was deemed by Michael Kong, Fantom protocol's CEO, as deviant from a typical hack since the funds landed in the alleged perpetrator's wallets but did not move further. The investigation continues.
Multichain, known for facilitating token exchanges between different networks, has experienced a rocky time due to various technical glitches and a surprising disappearance of its leadership in recent weeks. Crypto bridges like Multichain have been popular targets for digital thieves, and numerous incidents were reported throughout 2022.
Historical data from the blockchain security agency SlowMist indicates that since 2012, over $30 billion worth of crypto assets have been compromised in hundreds of hacking incidents. The top five hacking methods included smart contract vulnerabilities, rug pulls, flash loan attacks, scams, and private key leaks.
Collectively, more than 700 hacks targeted crypto exchanges, Ethereum, BNB Smart Chain, EOS ecosystems, and nonfungible tokens, leading to a staggering loss of over $10 billion in the last decade alone.
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