In a shocking turn of events, the cross-chain router protocol Multichain has been targeted in an exploit, resulting in significant losses.
The exploit specifically targeted Multichain’s Fantom bridge, leading to the extraction of valuable crypto assets such as WBTC, USDC, DAI, wETH, and Link.
The stolen funds amounted to a staggering $126 million, with WBTC accounting for $30.9 million, wETH for $13.6 million, and USDC for $57 million.
Multichain’s Response And Security Firms’ Analysis Of The Exploit
On Thursday, July 6, blockchain security company PeckShield posted a screenshot on Twitter showing some concerning transactions happening in the Multichain wallet. The screenshot showed a significant amount of USDC, Wrapped BTC, and Wrapped ETH being moved in single transactions.
PeckShield later confirmed that the breach had indeed happened and that Multichain had lost over $126 million to the hack. The breach was also confirmed when Multichain itself took to Twitter to announce t
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