Multichain Experiences Exploit

Published on: 08.07.2023
Multichain Experiences Exploit

The Multichain ecosystem, as a team of researchers confirms the existence of an exploit affecting the bridges of Fantom, Moonriver, and Dogechain.

Multichain Experiences Exploit Resulting in $127M User-Token Theft

This vulnerability has raised concerns about the security of cross-chain operations within these networks.

Multichain, a prominent blockchain platform, is reportedly targeted in a hack resulting in an approximate outflow of $130M worth of various tokens across its bridges on blockchain networks like Fantom, Moonriver, and Dogechain. However, the alleged breach has caught the attention of the blockchain community, raising concerns about security and the impact on affected users. According to on-chain analytics firm Lookonchain, the stolen funds predominantly consist of $62M in $USDC, $31M in $wBTC, and $13M in $wETH.

Moreover, according to DefiLlama, bridge-based exploits have resulted in a staggering $2.66 billion in losses over recent years. Adding to the mounting challenges, Multichain recently experienced significant outflows totaling nearly $130 million worth of various tokens across its bridges on Fantom, Moonriver, and Dogechain networks. On-chain analytics firm Lookonchain estimates that the largest stolen amounts comprise $62 million worth of USD Coin (USDC), $31 million in wrapped Bitcoin (wBTC), and $13 million in wrapped Ether (wETH), based on blockchain data.

Conclusion

The decline in Multichain’s MULTI tokens, combined with the significant outflows of tokens across its bridges, shed light on the vulnerabilities faced by bridge networks. The reported theft of approximately $130 million worth of tokens underscores the urgent need for improved security measures. As the industry works towards fortifying bridges and enhancing the resilience of the crypto ecosystem, the path ahead involves collaborative efforts and proactive measures to protect user assets and maintain trust within the decentralized finance space.

REQUEST AN ARTICLE

Market Stats:
BTC Dominance: 54.78%(-0.90%/24h)
ETH Dominance: 13%(+0.20%/24h)
Defi Market Cap: $135.31B(-7.29%/24h)
Total Market Cap: $3646.28B(+4.74%/24h)
Total Trading Volume 24h: $216.83B(-21.70%/24h)
ETH Market Cap: $473.26B
Defi to ETH Ratio: 28.59%
Defi Dominance: 3.54%
Altcoin Market Cap: $1648.7B
Altcoin Volume 24h: $137.08B
Total Cryptocurrencies: 32737
Active Cryptocurrencies: 10303
Active Market Pairs: 93059
Active Exchanges: 763
Total Exchanges: 9717
BTC: 100921.18$(-0.03%/1H)
ETH: 3929.5$(0.3%/1H)
AVAX: 51.05$(0.71%/1H)
BNB: 724.6$(0.71%/1H)
MATIC: 0.65$(-0.62%/1H)
FTM: 1.3$(-1.37%/1H)
ADA: 1.16$(-0.88%/1H)
DOT: 9.27$(-1.21%/1H)
UNI: 18.5$(-0.44%/1H)
CAKE: 3.66$(-0.03%/1H)
SUSHI: 2.34$(-4.12%/1H)
ONE: 0.04$(-1.83%/1H)