Multichain Halts After $126M Hack: What Users Need to Know

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Multichain Halts After $126M Hack: What Users Need to Know

• Multichain protocol has halted after a $126 million hack.
• Users of Multichain have been urged to revoke all approvals associated with the platform.
• The Fantom Foundation is evaluating the circumstances and will provide updates as they become available.

Multichain Protocol Halts After $126 Million Hack

The cross-chain protocol Multichain (MULTI) has come to an abrupt halt after detecting abnormal fund movements from its MPC address amounting to a staggering $126 million. This breach has sent shockwaves through the blockchain community, resulting in a significant decline in the value of its MULTI token and raising concerns about security in decentralized finance.

What Is the Hack?

The exploit, reported by blockchain security firm Peckshield, involved the attacker transferring $126 million from Multichain’s Fantom (FTM) and Moonriver (MOVR) bridge. Tokens worth ~$16M, including $DAI , $LINK , and $USDT , were sent to an address, along with other transfers involving ~$27.6M USDT.

Who Does this Affect?

The hack affects users of Multichain’s protocol who are advised to revoke all approvals associated with it. The Fantom Foundation is currently evaluating the circumstances and will provide updates as they become available.

What Should I Do?

If you are a user of Multichain, it is important to follow necessary precautions and revoke all approvals related to it for safety measures. Stay updated on developments shared by Fantom Foundation regarding the incident, and consider how this exploit can impact your holdings and investments.

On the Flipside

Despite this incident being one of its largest hacks ever recorded, there have been no reports of stolen funds or lost deposits from any third-party services such as exchanges or wallets connected with Multichain’s protocol so far. Furthermore, it appears that only non-custodial wallet funds were compromised in this attack – not those kept on centralized platforms like exchanges or custodial wallets – meaning users may still be able to access their funds on these services if they had stored them there prior to the attack taking place

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