• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Fears of Exploit Arise as Multichain MPC Bridge Witnesses Outflows Exceeding $100 Million

Fears of Exploit Arise as Multichain MPC Bridge Witnesses Outflows Exceeding $100 Million

user avatar

by Max Nevskyi

3 years ago


The Multichain MPC bridge platform is under suspicion of a potential multimillion-dollar exploit due to unusually large outflows. On July 6, it was observed that around $102 million in crypto was withdrawn from Multichain's Fantom bridge on the Ethereum side, along with $666,000 from Dogechain and $5 million from Moonriver. This led to speculations of a possible hack. The withdrawals included 7,214 Wrapped Ether (WETH) tokens worth $13.6 million, 1,024 Wrapped Bitcoin (WBTC) worth $31 million, and $58 million worth of USD Coin from the Fantom bridge's Ethereum smart contract.

The Multichain MPC bridge

Moreover, the Dogechain bridge's Ethereum contract saw a withdrawal of $666,000, which accounted for more than 86% of its total deposits, leaving only around $100,000 worth of assets in the bridge. From the Multichain Moonriver bridge contracts on Ethereum, a total of $5,872,661 worth of USDC and Tether were withdrawn, leaving only around $700,000 remaining on it.

Blockchain security firm PeckShield drew attention to the Fantom bridge transactions, suggesting the Multichain team should investigate. However, it is not confirmed whether the contracts were "drained" or if a large amount of funds were simply withdrawn by users.

Multichain, a multi-party computation (MPC) bridging network, has been experiencing technical issues over the past few weeks. On May 31, the team announced that its CEO had gone missing and it was facing "multiple issues due to unforeseeable circumstances," leading to delayed transactions. On July 5, Binance halted withdrawals of some Multichain derivative tokens due to the network's inability to process transactions promptly.

The Multichain team has acknowledged the abnormal movements and is currently investigating the situation.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Solana's Quantum Readiness Strategy Under Scrutiny

chest

Solana's quantum readiness strategy is under scrutiny following Anatoly Yakovenko's comments on the need for a multi-scheme approach to enhance security against AI threats.

user avatarLeo van der Veen

South Korean Exchanges Win Temporary Relief from Regulatory Sanctions

chest

Three major South Korean crypto exchanges, Upbit, Bithumb, and Coinone, have secured temporary court relief from sanctions related to existing anti-money laundering requirements.

user avatarLi Weicheng

Anatoly Yakovenko Raises Concerns Over AI's Impact on Post-Quantum Cryptography

chest

Solana cofounder Anatoly Yakovenko warns that AI could expose vulnerabilities in post-quantum signature schemes, emphasizing the need for a robust security design.

user avatarMaya Lundqvist

DAXA Challenges New Anti-Money Laundering Regulations in South Korea

chest

DAXA opposes proposed changes to South Korea's anti-money laundering regulations, citing concerns over excessive reporting requirements.

user avatarAisha Farooq

MoneyGram's Stablecoin Service Expands to Colombia and El Salvador

chest

MoneyGram has launched its stablecoin service in Colombia and expanded to El Salvador, providing financial solutions for underserved markets in Latin America.

user avatarTenzin Dorje

Stellar Network Surpasses 1 Billion in Real-World Assets

chest

The Stellar network has crossed the 1 billion mark in real-world assets, indicating significant growth and momentum.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.