Last Updated: August 2, 2023
• Multichain protocol has halted after a $126 million hack.
• Users of the platform have been urged to revoke all approvals associated with the protocol.
• Fantom Foundation is evaluating the circumstances and providing updates as they become available.
Multichain Protocol Halts After $126 Million Hack
Multichain (MULTI) has come to an abrupt halt after abnormal fund movements from its MPC address resulted in a staggering $126 million exploit. The breach has sent shockwaves through the blockchain community, prompting users to question their safety in the ever-evolving landscape of decentralized finance.
What Is the Hack?
The attack involved an attacker transferring tokens worth ~$16M, including $DAI , $LINK , and $USDT , from Multichain’s Fantom (FTM) and Moonriver (MOVR) bridge. As a result, there has been a significant decline in the value of its MULTI token, which fell by over 16% following the attack.
Who Does this Affect?
The hack affects users of Multichain’s protocol, who have been advised to revoke all approvals associated with it. The Fantom Foundation is currently evaluating the situation and will provide further updates as they become available.
What Should I Do?
If you are a user of Multichain, it is essential that you follow all instructions provided by them and revoke any approvals related to it. Additionally, stay updated on any developments shared by Fantom Foundation regarding this incident and take necessary steps to safeguard your funds from potential future attacks.
This hack highlights just how quickly malicious actors can take advantage of vulnerabilities in decentralized networks, making it more important than ever for users to be vigilant when conducting transactions online or investing in digital assets .