The Multichain (MULTI) protocol has reportedly become the target of a major cyberattack. It is believed that significant funds, amounting to millions of dollars, have been stolen from the protocol. Binance‘s CEO, CZ Changpeng Zhao (CZ), made a statement regarding the alleged attack on the Multichain protocol, reassuring Binance users that their funds are safe.
Multichain Protocol Under Siege
On July 6th, approximately $125 million in multi-chain assets were reportedly removed from wallets associated with the Multichain protocol. The majority of the $122 million fund movement was noted to have occurred on the Fantom bridge, with notable movement of wBTC, USDC, USDT, and other altcoins.
Binance’s CEO, CZ, issued a statement in response to the incident, “It seems there has been another attack on Multichain. This did not affect Binance or its users. We switched all bridged assets some time ago and have suspended deposits. Despite everything, we are offering our assistance to help with the situation. Stay safe.”
What’s Next for Multichain Protocol?
The Multichain team, reportedly subjected to the hack, announced that locked assets had been unusually moved from the Multichain MPC address to an unknown one. The Multchain team advised all users to suspend usage of Multichain services and cancel all contract approvals related to Multichain. While they are investigating the incident, the specifics of the attack still remain unclear.
Only two days prior to the attack, Binance announced that they had decided to suspend deposits and withdrawals for ten bridged tokens related to Multichain until further notice. This action was taken as a response to the hacking attack and as a measure to ensure user security.
In the aftermath of the alleged hack attack, the protocol’s native asset, MULTI, plummeted significantly. As of the writing of this report, MULTI has seen a decline of 15.29% over the last 24 hours and is currently trading at $2.61.
