News surfaced in May of China’s arrest of the team behind the crypto bridge Multichain (MULTI), followed by a hacking incident resulting in the alleged theft of millions of dollars in cryptocurrency. The turbulence in Multichain continues with the detection of new abnormal activities last week, following an alleged hack theft of $130 million.
117 Million Dollars of Cryptocurrency Moved in 12 Hours
Chinese cryptocurrency journalist Wu Blockchain reported abnormal cryptocurrency outflows from Multichain bridge within the last 12 hours. The funds were primarily transferred to a new address. According to reports, there was a $117 million worth of cryptocurrency outflow from Multichain’s “0x1e…477b” wallet.
Data compiled by Wu Blockchain indicates outflows from Multichain’s Fantom bridge of 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, 52 BTC; from Arbitrum bridge 2,891 WETH, 8.7 million USDC, 7.5 WBTC; from BNB Chain bridge 209,000 USDC, 50.8 BTCB; from Avalanche bridge 2.38 million DAI, 33.76 WBTC.e, 667.4 WETH, 9 million USDC; from Cronos bridge 616,000 DAI, 19,950 USDC, 5,582 WETH; from Polygon bridge 7.05 WBTC; from Moonbeam bridge 237,600 USDC; from Optimism bridge 37,000 USC, 21.91 WBTC, 10.36 million DAI; and from Ethereum bridge 15,000 DAI.
Accusations of Hacking Resurface
On July 6, it was noted that there was a total outflow of $130 million from Multichain’s Fantom bridge, leading to allegations that the leading cryptocurrency bridge had been hacked again. The amount in question is particularly significant as it corresponds to almost the entire wBTC, USDC, and USDT on the bridge.
The major cryptocurrency exchange Binance had announced a few days before this attack that it would completely suspend deposit and withdrawal transactions for 8 altcoins on certain networks due to the problems in Multichain, until the next announcement. The decision included Polkastarter (POLS) – BNB Smart Chain (BSC), Alchemy Pay (ACH) – BNB Smart Chain (BSC), Beefy Finance (BIFI) – Fantom Network (FTM), SuperVerse (SUPER) – BNB Smart Chain (BSC), Travala (AVA) – Ethereum (ETH), Spell Token (SPELL) – Avalanche C-Chain (AVAXC), Alpaka Finance (ALPACA) – Fantom Network (FTM), and Harvest Finance (FARM) – BNB Smart Chain (BSC).
