Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Multichain Team Confirms Exploit Across Fantom, Moonriver and Dogechain Bridges

Multichain Team Confirms Exploit Across Fantom, Moonriver and Dogechain Bridges

coindeskcoindesk2023/07/07 09:33
By:Shaurya Malwa

“It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain,” developers said early Friday.

Wormhole Network Exploiter Leverage Trades (Clint Patterson/Unsplash)

Cross-chain router Multichain developers have confirmed an exploit that impacted $130 million in user-supplied tokens and cautioned users against using its service, as per Friday tweets.

Developers said Friday that the team “is currently investigating.”

“It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain,” they said. “The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed resume time.”

Multichain’s MULTI tokens have slipped 13% in the past 24 hours.

Bridges such as Multichain allow users to transfer tokens between different networks. These are a key, yet highly vulnerable, part of the crypto ecosystem with $2.66 billion being lost to bridge-based exploits in the past years, according to .

Late on Thursday, Multichain experienced outflows totaling nearly $130 million worth of different tokens across its bridges on blockchain networks Fantom, Moonriver and Dogechain.

On-chain analytics firm Lookonchain estimated $62 million worth of USD coin (USDC), $31 million in wrapped bitcoin (wBTC) and $13 million in wrapped ether (wETH) made up the largest stolen amounts, citing blockchain data.

Stolen tokens have not been sent to exchanges or passed through mixing services such as Tornado Cash as of Asian afternoon hours on Friday.

Meanwhile, related tokens slumped in the past 24 hours amid a broader market decline.

Fantom (FTM) dropped 9.9% even as developers addressed concerns among community members. “For the avoidance of doubt, FTM was never issued or managed by Multichain, so wFTM, FTM ERC-20, and FTM on Opera are not affected,” Fantom Foundation .

Moonriver’s MOVR tokens fell 13% while lesser-known dogechain (DC) tokens dropped 10%, shows. Dogechain developers confirmed the network wasn’t directly impacted, but asked users to revoke permissions to Multichain’s Dogechain bridge.

Edited by Oliver Knight.

11

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!