CyVers Says They Were First to Discover Multichain Mega Hack

Blockchain security firm CyVers is claiming first in uncovering the Multichain mega hack that saw over $126 million pilfered from the protocol. As was previously reported, Multichain halted its network on the hack just a month after the entity's CEO disappeared.

Timeline of Multichain

Stablecoin issuers Circle and Tether have initiated action and blacklisted more than $67 million of stolen funds in USDC and USDT, which is around 50% of the stolen amount from the cross-chain protocol.

Blockchain data reveals that stablecoin firms Circle and Tether have frozen coins linked to the recent multi-million-dollar Multichain exploit. Earlier this week, blockchain security firm PeckShield found that Multichain, a cross-chain crypto platform, saw its Fantom (FTM) bridge hacked to the tune of $126 million worth of digital assets.

Multichain has reportedly halted its network on a suspected $130 million hack, a move that has come just a month after the initiative's CEO disappeared. The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains.

Circle and Tether have blacklisted five addresses containing $67.5 million worth of assets stolen from MultiChain on July 7. USD Coin (USDC) issuer Circle froze three accounts holding $65 million worth of stolen assets, including 63 million USDC, PeckShield tweeted.

It looks like hackers are not taking a break at all as just a few hours after the Multichain hack, these bad actors are on the rampage again. This time around, they have taken to Twitter to circulate a phishing link.

Circle, the official issuer of USDC, the second largest stablecoin by circulating supply, has frozen $63 million from the Multichain hack. Compiled Etherscan data on July 7 shows that the stablecoin issuer froze $27.65 million, $30.1 million, and $5.5 million in three transactions, hampering the hacker's cash-out efforts.

Cross-Chain Router Protocol Multichain has issued an urgent warning to its users after approximately $126 million worth of cryptocurrencies were drained from its platform. The service has suspended operations, with all bridge transactions currently stuck on the source chains.

Binance, the leading cryptocurrency exchange, recently temporarily stopped processing withdrawals and deposits for several Multichain-bridged assets. In a Twitter post, the platform stated that these restrictions would take effect from the 7th of this month and remain in place for the foreseeable future.

Binance, the largest crypto exchange by volume, withdrew support for eight Multichain bridge tokens, effective July 7, 2023. The decision comes after the previous suspension in May due to a partial pause in the functioning of cross-chain routes in the Multichain (MULTI) protocol.

In a stride towards diversification, NFT marketplace Magic Eden has recently divulged its initiative to assimilate BRC-20 token functionality within its open-source secondary marketplace and creator launchpad.