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Multichain, a network promoting itself as the “genuinely functional enterprise blockchain”, and pledging to decrease the development time of corporate blockchain networks by up to 80%, has faced another hacking incident.
A New Hack Shock to Multichain!
The project, developed by Coin Sciences, has been in progress since 2017 and is known for providing unlimited asset support and blockchain customization.
The Fantom bridge of the recently hacked Multichain was reportedly compromised by malevolent individuals. The catastrophic event has caused serious damage to ETH, WBTC, DAI, USDC, and LINK tokens, shaking the cryptocurrency markets.
Hackings, which have been occurring since the introduction of cryptocurrencies, often result in a decrease in investor trust, negatively impacting token prices.
BTC Movements!
Historically, if the hacked cryptocurrency network had a native token, it was usually one of the most affected by such events. Meanwhile, a significant surge in Bitcoin (BTC) prices was observed today, with value reaching $31,000, leading to serious liquidations.
In the past months, it has been suggested that regulatory actions towards cryptocurrency markets could prevent such incidents and foster a climate of trust among investors, potentially creating a positive atmosphere for cryptocurrencies.
Moreover, anxiety levels in the market have recently increased due to U.S. economic data releases and the statement by Federal Reserve official Williams. Williams expressed dissatisfaction with inflation figures, highlighting that inflation remains a primary focus for the Fed. In light of the recent hacking incident, the future of the markets remains to be seen.
