- Multi-chain assets worth $125 million have flowed out from the cross-chain protocol Multichain to multiple wallets.
- The Multichain: Fantom Bridge has been suspended due to the outflow of 122 million assets.
- The official Multichain team is currently investigating the abnormal movement of locked-up assets and advises users to suspend the use of Multichain services.
In a significant development, multi-chain assets with a total value of approximately $125 million have outflowed from the cross-chain protocol Multichain to multiple wallets. The outflow primarily occurred through the Multichain: Fantom Bridge, which has now been suspended. This incident has raised concerns among users and prompted the official Multichain team to investigate the situation.
According to a tweet from the official Multichain account, the assets locked up in the Multichain MPC address have been moved to an unknown address in an abnormal manner. The team is currently unsure about the exact cause and is actively conducting an investigation to determine what happened.
As a precautionary measure, the Multichain team advises all users to suspend the use of Multichain services until further notice. Additionally, they recommend revoking all contract approvals related to Multichain to ensure the safety of users’ assets.
Meanwhile, the deExplorer browser has reported that some users are engaging in asset exchanges on Fantom for other chain assets at a discounted rate through DLN Trade. Transactions indicate that Fantom 1 USDC can be converted into BSC 0.9 USDC, Polygon 0.88 USDT, and other similar exchanges, offering approximately a 10% discount.
This incident highlights the importance of maintaining security and vigilance in the crypto space. Users are advised to stay updated on official announcements from Multichain and exercise caution when dealing with their assets. Further updates on the investigation and the resumption of Multichain services will be provided as the situation unfolds.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
