In an unforeseen turn of events, multiple bridge contracts run by Multichain have encountered significant outflows involving numerous widely held tokens this Thursday. Linked to this, the ubiquitous Multichain’s Fantom bridge was almost emptied of its wBTC,USDC, USDT, and several altcoins with an estimation surpassing $120 million in collective value.
The activities related to these unanticipated withdrawals are bewitchingly peculiar, as described by on-chain investigators. Fantom Foundation’s CEO, Michael Kong, reveals that he is currently trying to demystify the occurrence. Layering to this, Multichain’s checkered month of technical inadequacies and the striking silence of its CEO compounds the pressing quagmire.
Astoundingly, a triplex of unrevealed outflows from Multichain’s Fantom, Moonriver, and Dogecoin bridge contracts generate a considerable sense of alarm across social media platforms buzzing with cryptocurrency enthusiasts. The prevailing hypothesis is a possible digital intrusion or ‘hack’. Multichain, at the time of writing, is unavailable for providing an explicative statement.
As the shroud of uncertainty thickens, some crypto projects have taken it upon themselves to reassure their communities about the so-called “potential exploit” in Multichain. The team behind the widely known Magic Internet Money stablecoin, for instance, declared let their community know that their system was impervious to this potential vulnerability.
The brouhaha started with innocent enough transfers from the Multichain Fantom bridge, routing about $20 million worth of altcoins like DAI, LINK and USDT among others to the 0x9d57. In tandem, 1,023 wBTC (approx. $30.9 million), 7,214 wETH (roughly $13.6 million), and a strapping $57 million in USDC was moved between two discrete addresses.
An equal amount of mystery shrouds the Moonriver bridge contract with an impressive $6.8 million in token outflows, almost fully emptying it of its wBTC, USDT, USDC, and DAI which have found a new address in 0x48BeAD. The Dogecoin bridge seems to have been equally affected, with a transfer of over $600,000 in USDC outflows being reported.
As this course of events continues to unfold or possibly even repeat itself, one wonders what could be the root cause; is it a failing technology, a disappearing CEO, a potential hack, or something else entirely that we’re yet to stumble upon?
Source: Coindesk
