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.
Read CRYPTONEWSLAND onAccording 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.
As the bull run of 2024 charges ahead, savvy investors are searching for high-reward opportunities.…
With the current bull run underway, the potential to grow a modest $1,000 into a…
The surge in the cryptocurrency market is gaining momentum, signaling a time of significant growth.…
#AIcoins like #FET could lead the charge this #bullcycle where analysts believe the #AI sector…
🚨 Ripple warns of quantum computing threats to blockchain security! 🛡️ Quantum-resistant cryptography is a…
#Arkham and #ShibaInu are both showing price chart signals with massive surges ahead, #SHIB could…