Multichain

Dogechain

Read

<p class="is-style-lead">Following the detection of a substantial token movement from Multichain’s bridging networks to an undisclosed address, the platform has temporarily suspended its services. </p> 
<p>On-chain investigators had previously speculated about a potential multimillion-dollar exploit as they observed cryptocurrency being withdrawn from <a href="https://crypto.news/tag/multichain/">Multichain</a>‘s multi-party computation network.</p> 
<h2 class="wp-block-heading" id="the-reason-remains-unknown">The reason remains unknown</h2> 
<p>On Thursday, Multichain <a href="https://twitter.com/MultichainOrg/status/1677180114227056641?s=20" target="_blank" rel="noreferrer noopener">took to Twitter</a> to announce that they are conducting an investigation into the incident and expressed uncertainty about the cause. They advised all users to cease utilizing Multichain services and revoke any contract approvals associated with the platform.&nbsp;</p> 
<p>Formerly known as Anyswap, Multichain enables users to transfer their cryptocurrency assets across different blockchain networks. The team further stated that all bridge transactions will remain suspended on their respective chains, without providing a specific timeline for the resumption of services.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. <br><br>There is no confirmed resume time.<br><br>Please don’t use the Multichain bridging service now.</p>— Multichain (Previously Anyswap) (@MultichainOrg) <a href="https://twitter.com/MultichainOrg/status/1677180114227056641?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In a recent development, Circle, the issuer of USDC (USD Coin), has taken action against three wallet addresses that were involved in a potential security breach on the cross-chain bridge platform Multichain. Following the incident, security firm PeckShield <a href="https://twitter.com/peckshield/status/1677368853725077521?s=20" target="_blank" rel="noreferrer noopener">reported</a> that approximately $63 million worth of USDC has been frozen.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">So ~$63M USDC (outflow funds from <a href="https://twitter.com/MultichainOrg?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@MultichainOrg</a>) are now frozen <a href="https://t.co/Bu7OY2E6VI" target="_blank">https://t.co/Bu7OY2E6VI</a></p>— PeckShield Inc. (@peckshield) <a href="https://twitter.com/peckshield/status/1677368853725077521?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/exploring-the-expansive-ecosystem-of-evm-compatible-chains/"> Exploring the expansive ecosystem of EVM-compatible chains </a> </p> 
<p>The security breach resulted in the mysterious transfer of $126 million worth of cryptocurrency assets from Multichain’s bridge deployments on Fantom, Moonriver, and Dogechain to multiple third-party wallets. The exact nature of the breach and the identities behind the suspicious transactions remain unknown at this time.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="WARNING - Multichain Unexplained Downtime | Polygon Matic in TROUBLE?" width="1020" height="574" src="https://www.youtube.com/embed/tRh_Ks_7BNI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="maintaining-safu">Maintaining SAFU</h2> 
<p>Changpeng Zhao, often referred to as CZ, was quick to take to Twitter to iterate that the event does not impact users of Binance or Binance itself. As a precautionary measure, the CEO assures users that assets have been swiftly transferred and halted deposits earlier.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Looks like another hack happened on Multichain. This DOES NOT affect users on <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Binance</a> or <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Binance</a> itself. We have swapped all assets out and closed deposits a while back. Regardless, we offer our assistance in helping with the situation.<br><br>Stay <a href="https://twitter.com/hashtag/SAFU?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#SAFU</a>. <a href="https://t.co/GGInbxFkic" target="_blank">https://t.co/GGInbxFkic</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1677188504365809665?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This is not the first time Multichain has made headlines this year. At the end of May, rumors <a href="https://crypto.news/deposit-suspensions-hit-bridged-tokens-pending-multichain-teams-clarification/">circulated</a> within the Chinese cryptocurrency community about the alleged arrest of the Multichain network’s development team by the police. Additionally, there are rumors that the Chinese authorities may have gained control over the network’s hardware and cold wallet, although these allegations were never confirmed.</p> 
<p> Read more: <a href="https://crypto.news/chatgpt-crypto-integration-how-web3-companies-are-leveraging-ai/"> ChatGPT crypto integration: how web3 companies are leveraging AI </a> </p>

Circle freezes $63m in USDC in response to Multichain breach

Table of Contents

crypto.news

Other articles published on Jul 7, 2023

Shiba Inu Core Developer Teases Shibarium Launch Timeline and Reveals Super Bullish Strategy for ...

Ripple Vs SEC News: Pro-XRP Lawyer Explains What Might Happen if the SEC Wins

Scam Alert: Multichain Recording Mass Outflow of Funds

Most Secure Cryptocurrencies For July: VC Spectra, Monero, And Tron

Namibia Approves Bill to Regulate Cryptocurrencies & Digital Assets

Here are the Bullish and Bearish Bitcoin (BTC) Price Targets for the Weekend

Join our free newsletter for daily crypto updates!