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In a rather insidious attempt to capitalize on recent cybercrime events, malicious actors are leveraging social media, specifically Twitter, to dupe unsuspecting individuals. This alarming phenomenon is linked to the aftermath of the infamous Multichain breach.
It all began on July 6 when Multichain, a leading blockchain platform, was thrown into chaos. Unusually large transactions were spotted, immediately raising red flags. Swiftly reacting to the threat, Multichain paused its operations, trying to understand what was amiss. As the investigation unfolded, it was revealed that a whopping $125 million had been illicitly siphoned off from various Multichain assets. The major hit was taken by the Fantom bridge, losing nearly $122 million in Wrapped Bitcoin (WBTC), USD Coin, Tether, and other cryptocurrencies.
In light of the situation, Multichain advised its users to stop all activities linked to the protocol, advising them to retract any contract approvals associated with it until they could fully ascertain the scope of the breach and provide more details.
A surprising twist followed this disastrous episode when fraudsters started using Twitter to exploit the situation further. They circulated a post falsely attributed to the Fantom Foundation, the nonprofit behind the Fantom network. The post was designed to look like a relief message stating, "Due to the Multichain hack, Fantom Foundation is issuing an emergency FTM distribution to all users."
The trickery continued with the inclusion of a phishing link shared with the post, making innocent users believe they were interacting with the actual Fantom Foundation.
Meanwhile, Binance CEO Changpeng "CZ" Zhao confirmed via Twitter that the exchange was untouched by the breach, adding that they had already performed an asset swap and stopped accepting Multichain deposits before the incident, thereby ensuring their customers' funds were safe.
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