Today, the Fantom Foundation addressed its community on the multi-million dollar exploit on Multichain, acknowledging the difficult situations of its network users, token holders, and liquidity providers (LPs).
While awaiting “guidance” and an official statement from Multichain, the foundation said it would take direct steps to ensure the Fantom network adapts to the new circumstances.
This comes as a response to the uncertainty that clouded the Layer-1 project after the unauthorized movement of over $100 million worth of crypto assets from Multichain’s Fantom bridge.
Fantom Foundation: We Have No Official Cross-Chain Bridge
A report from trading firm Thanefield recently revealed that the Fantom blockchain relies on the Multichain cross-chain protocol. At the time, it was found that nearly 40% of crypto assets on Fantom (excluding its native FTM tokens) were transferred to the network through Multichain’s bridges.
For this reason, the blockchain had the highest exposure to the
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