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Multichain Fantom Bridge Hacked: Millions in Crypto Assets Stolen

A significant vulnerability has been exploited in the Multichain Fantom Bridge, resulting in the theft of millions of dollars worth of crypto assets. Hackers used a smart contract vulnerability to dump various cryptocurrencies, including WBTC, USDC, DAI, and WETH.

The Breach and Stolen Assets:

Reports indicate that hackers targeted the bridge’s smart contract, successfully siphoning off a substantial amount of crypto assets. The exact value of the stolen funds is still uncertain, but preliminary estimates suggest that 7214 WETH, 1023 WBTC, 57 million USDC, and an undisclosed amount of DAI were among the assets taken.

Multichain’s Response:

Multichain released a statement acknowledging the breach and its impact on users. The statement revealed that assets locked on the Multichain MPC were suspiciously transferred to an unknown address. The team is actively investigating the incident to understand the full extent of the breach. As a precautionary measure, Multichain advised all users to halt their usage of Multichain services and revoke any contract approvals associated with Multichain.

Confirmation of the Hack:

Through its statement, Multichain admitted that the security breach occurred, confirming that the platform was hacked. This admission underscores the severity of the situation and the urgency with which Multichain is working to address the issue and protect its users.

The Multichain Fantom Bridge experienced a major security breach, resulting in the theft of significant crypto assets. Hackers exploited a vulnerability in the bridge’s smart contract, allowing them to dump various cryptocurrencies. Multichain has acknowledged the hack and is actively investigating the incident. Users are advised to suspend their use of Multichain services and revoke any contract approvals related to the platform. This unfortunate incident highlights decentralized applications’ ongoing challenges in ensuring robust security measures to protect user funds.

 

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