Cross-chain protocol Multichain (MULTI) stopped services today after confirming the abnormal movements of funds from its MPC address.
Blockchain security firm Peckshield reported that Multichain was exploited for $126 million, with the attacker moving funds from its Fantom (FTM) and Moonriver (MOVR) bridge.
Source: Peckshield
Following the incident, Multichain advised users to revoke all approvals related to the protocol. Fantom Foundation said it was “evaluating the circumstances and will provide an update as soon as we have more to share.”
Multichain exploit
Even though Multichain has not yet released the details of the exploit, initial reactions from the community suggest a possible compromise of the protocol’s private key.
Its smart contract auditor, CertiK, tied the attack to a private key compromise, adding that this was outside the scope of its earlier audit.
On-chain sleuth Loki Zeng corroborated this view, noting that the asset transfer lasted for a long time. Zeng add
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