Ethereum

Multichain

Tether USDt

Fantom

<html>
 <head></head>
 <body>
  <p>Multichain is feeling the heat. After the confirmation of a $125 million theft last week, a new hack has been reported involving $103 million. Analysts are not ruling out the possibility of an inside job.</p> 
  <h2 id="multichain-some-230-million-evaporated">Multichain, some $230 million evaporated</h2> 
  <p>What appeared to be suspicious transactions of around ten million dollars withdrawn via the Fantom network became a proven hack. Fortunately, <a href="https://www.cointribune.com/multichain-multi-hacke-circle-aide-a-stopper-lhemorragie/" target="_blank" rel="noopener noreferrer nofollow">Circle</a> and <a href="https://www.cointribune.com/en/tether-gele-a-son-tour-25-millions-de-dollars-dusdt-transferes-de-multichain-2/" target="_blank" rel="noopener noreferrer nofollow">Tether</a> were able to get their hands on some of the stolen stablecoins. If they did, it wouldn’t be a hemorrhage, but a bloodbath.</p> 
  <div class="my-4"> 
   <div class="ads "> 
   </div> 
  </div> 
  <p>But if <a href="https://decrypt.co/148133/multichain-anyswap-rug-pull-hack-103-million-chainalysis" target="_blank" rel="noopener noreferrer nofollow">the latest news</a> is to be believed, the former Anyswap platform has been hacked again. The amount involved seems enormous: $103 million.</p> 
  <figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
   <div class="wp-block-embed__wrapper"> 
    <div class="entry-content-asset"> 
     <div class="social-embed-container"> 
      <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
       <p lang="en" dir="ltr">Another $103M has been transferred from <a href="https://twitter.com/hashtag/MultiChain?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MultiChain</a> to the 0x1eed63efba5f81d95bfe37d82c8e736b974f477b address. <br><br>Total transfer from Fantom, Arbitrum, Optimism, Cronos, Polygon, Avaleanche, BNB chain, Moonbeam, Ethereum:<br> <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a>: $23,999,250<a href="https://twitter.com/search?q=%24fUSDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$fUSDT</a>: $29,657,932 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WBTC</a>: $2,139,053… <a href="https://t.co/K7XL55uOMS" rel="noopener noreferrer nofollow">https://t.co/K7XL55uOMS</a></p>— Beosin Alert (@BeosinAlert) <a href="https://twitter.com/BeosinAlert/status/1678617665735385089?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 11, 2023</a> 
      </blockquote> 
      <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
     </div> 
    </div> 
   </div> 
   <figcaption class="wp-element-caption">
     Details about the new Multichain attack 
   </figcaption> 
  </figure> 
  <p>Details about the new Multichain attack</p> 
  <p><em>“An additional $103 million was transferred from Multichain to address 0x1eed63efba5f81d95bfe37d82c8e736b974f477b.</em></p> 
  <p><em>Transfer of all [funds] from Fantom, Arbitrium, Optimism, Cronos, Polygon, Avalanche, BNB Chain, Moonbeam, Ethereum :</em></p> 
  <p><em>$USDC: $23,999,250</em></p> 
  <p><em>$fUSDT: $29,657,932</em></p> 
  <p><em>$WBTC: $2,139,053</em></p> 
  <p><em>$WETH: $17,168,126</em></p> 
  <div class="my-4"> 
   <div class="ads "> 
   </div> 
  </div> 
  <p><em>$ETH $10,102,001</em></p> 
  <p><em>$DAI: $2,994,317</em></p> 
  <p><em>Total: $103,277,346</em></p> 
  <p><em>Transfer behavior :</em></p> 
  <p><em>1) Transfer of a large number of assets via privileges ;</em></p> 
  <p><em>2) Assets come from several chains, implying a large number of private keys;</em></p> 
  <p><em>3) Large time intervals between transfers.</em></p> 
  <p><em>This indicates that the attacker may have taken control of all the assets and is in no hurry to transfer them. Based on the previous analysis, we assume that this may be an internal operation.</em>”</p> 
  <p>As a result, MULTI has lost 27% of its value in one week. At the time of writing, it was trading at $2.38.</p> 
  <h2 id="h-why-so-easy">Why so easy?</h2> 
  <p>Firstly, Multichain presents itself as a cross-chain protocol facilitating the exchange of multiple cryptocurrencies on multiple blockchains.</p> 
  <p>Secondly, you’ve probably heard that no one, not even Multichain’s developers, can access the network’s servers. Yet the only key holder, CEO Zhaojun, has disappeared from view. Some analysts theorize that he may have been arrested by the Chinese authorities. But so far, no news about him has been revealed.</p> 
  <p>The compromise of the Multichain administrator’s keys is also said to have facilitated his series of attacks.</p> 
  <p>As a result, there’s a good chance that Zhaojun himself is behind these malicious operations.</p> 
  <p><em>“While it’s possible that these keys were taken by an external hacker, many security experts and other analysts believe that this exploit could be the result of in-house work or a ‘rug pull’, in part due to the recent problems suffered by Multichain,”</em> argues blockchain analysis firm <a href="https://blog.chainalysis.com/reports/multichain-exploit-july-2023/?utm_campaign=blog&amp;utm_source=twitter&amp;utm_medium=organicsocial" target="_blank" rel="noopener noreferrer nofollow">Chainalysis</a>.</p> 
  <h2 id="h-multichain-un-rug-pull">Multichain, un rug pull&nbsp;?</h2> 
  <p>Multichain, a rug pull?</p> 
  <p>Our <a href="https://www.cointribune.com/18-milliard-de-dollars-bloque-pdg-introuvable-multichain-un-scenario-ftx-bis/" rel="noopener noreferrer nofollow">June 2 article</a> highlighted the seriousness of the Multichain case. 1.8 billion dollars belonging to customers blocked, CEO nowhere to be found… It’s hard to rule out an FTX bis scenario at this stage.</p> 
  <p>A rug pull occurs when the developers of a project raise funds for its realization. Once on track, these once-reliable developers disappear with the customers’ funds.</p> 
  <p>The <a href="https://www.cointribune.com/le-rug-pull-de-decentraworld-fait-perdre-plus-dun-million-de-dollars-en-bnb/" target="_blank" rel="noopener noreferrer nofollow">DecentraWorld</a> rug pull is a good example of this fraudulent practice.</p>
 </body>
</html>

Multichain (MULTI), a rug pull? New $103 million hack reported

Table of Contents

Cointribune EN

Other articles published on Jul 13, 2023

CFTC Takes Center Stage in Proposed Crypto Regulatory Bill

Move Over DOGE and PEPE: These Are the Meme Coins Everyone Is Investing In

LBank Labs joins Draper and INCE Capital in investing in LunarCrush

Cardano Creator Offers Algorand Sidechain Role, Community Reaction Epic

Crypto Crime Mid-year Update: 65 Percent Decrease in Overall Crime, Ransomware Resurgence Threate...

NEOPIN participates in Finschia Governance

Join our free newsletter for daily crypto updates!