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.

~$127M locked assets on #Multichain were abnormally moved to 6 addresses ~7 hrs ago.

Including:
62.6M $USDC
1,030 $WBTC($31M)
7,214 $WETH($13.4M)
5M $DAI
910K $UNIDX($3.3M)
491K $LINK($3M)
2.5M $USDT
9.7M $WOO($2.1M)
1.3M $ICE($1.8M)
1.36M $CRV($1M)
134 $YFI($914K)
502K $TUSD pic.twitter.com/C4c6nnbGQv

— Lookonchain (@lookonchain) July 7, 2023

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.

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DogeChain and RedStone cooperation means protocols on this EVM-compatible chain with low transaction costs can now use their reliable Data Feeds for 1100+ assets! If you are building a data-powered dApp, look no further.

Cooperation with RedStone

As a new ecosystem, DogeChain builders are in need of reliable Data Feeds. RedStone now provides the DogeChain Community with a cutting-edge oracle solution. Builders can now access reliable Data Feeds for 1100+ assets covering cryptocurrencies, NFTs, equities, commodities, on-chain reputation, and much more. They are also ready to provide custom Data Feeds tailored to the applications’ needs.

About DogeChain

Dogechain is a L2 chain for Dogecoin. It supercharges Dogecoin to bring crypto applications like NFTs, games, and DeFi to the community. Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions. It uses the IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism, supported by PoS. The DogeChain community stands for fairness and equality for all ecosystem builders.

Highlights of DogeChain

• Dogechain is a new blockchain entirely built and designed to be community-driven.
• Dogechain exists as a layer on top of Dogecoin. Without Dogechain, Dogecoin users cannot participate in NFTs, games, or DeFi.
• Dogechain users can use Dogecoin for gas fees. Dogechain brings utility to Dogecoin users.
• The blockchain uses POS consensus to provide cheap fees and fast transactions.
• The dogechain team is preparing to airdrop millions of DC tokens to the Dogecoin community.

Website | Twitter

About RedStone 

RedStone is a data ecosystem that delivers frequently updated, reliable and diverse data for your dApp and smart contracts. They support any chain such as Ethereum, Avalanche or Polygon, where all the Web3 & DeFi activity happens, as well as their TestNet. They also utilize the permanent and affordable storage of the Arweave chain to keep our data and track the providers’ reputations.

Website | Twitter

SOURCE: REDSTONE BLOG

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Project Overview

The project is an extensible framework for building Ethereum-compatible blockchain network, supporting Ethereum smart contracts and transactions, as well as asset conversion between multiple blockchain networks; the network implements the IBFT-PoS consensus mechanism to govern the entire project on a basis of token governance.

• Audit work duration: April 21, 2022 — Jun 15, 2022
• Audit methods: Formal Verification, Static Analysis, Typical Case Testing and Manual Review.
• Audit team: Beosin Technology Co. Ltd.

Audit Results

After auditing, 1 High risk, 3 Low risks and 2 Info items were identified in the Doge Chain project. The final audit results are available in the audit report.

View the report: https://beosin.com/audits/Doge%20Chain_202206151650.pdf

Audit Workflow

Beosin has conducted a comprehensive audit of the project, including basic modules such as JSON RPC interface, network nodes, transaction logic, transaction pools, virtual machines and consensus mechanisms, as well as the project’s Ethereum-compatibility, cross-chain asset security, system contract implementation and other unique features. The auditing workflow is mainly as follows:

I – Conduct preliminary source code review;

II – Use Beosin’s self-developed automatic smart contract formal verification platform — VaaS to conduct an in-depth detection of the contract codes in all aspects;

III – Practical deployment and validation via sandbox simulation;

IV – Manual line-by-line code review by security experts;

V – Complete the final audit report.

About Doge Chain

Dogechain is a new blockchain that is entirely built and designed to be completely community guided and owned. Dogechain superpowers Doge to bring crypto applications like NFTs, games, and DeFi to the Doge community.

WEBSITE | TWITTER

About Beosin

Beosin is a leading global Web 3.0 blockchain security brand co-founded by several professors from world-renowned universities. The team consists of 100+ security experts, including 40+ PhDs and postdocs.

With the mission of “Securing Web3.0 blockchain ecosystem”, Beosin provides integrated blockchain security services and products to serve 1 million+ users in the global blockchain ecosystem.

WEBSITE | TWITTER

SOURCE: MEDIUM

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