Web3 Crypto Project Multichain Hit with $126,000,000 Exploit: PeckShield

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A web3 crypto chain protocol has been hacked to the tune of over one hundred million dollars, according to a blockchain watchdog.

New data from cybersecurity firm PeckShield reveals that bad actors were able to steal $126 million from the Multichains Fantom (FTM) bridge, including crypto assets such as Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum ( wETH) and a trio of stablecoins.

Dollar pegged digital assets stolen from the company include Dai (DAI), USD Coin (USDC) and Tether (USDT).

PeckShield Alert MultichainOrg was mined for around $126 million. Assets valued at around $118 million were transferred out of the Multichain Fantom Bridge.

Specifically, approximately $16 million worth of tokens including DAI, LINK, and USDT were sent to the 0x9d57 address. Other transfers involved approximately $27.6 million USDT and $30 million USDC sent to addresses 0x027F and 0xefeef, respectively.

Additionally, 1,023 wBTC (equivalent to ~$30.9 million) were moved to the 0x622e5 address, and 7,214 wETH (~$13.6 million) were sent to the 0x418e address.

Multichain commented on the incident, telling users to stop using its services until an investigation into the matter is complete.

Lock assets on multi-chain MPC address abnormally moved to unknown address. The team is unsure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain.

The company announces that it will be ending its cross-channel service and that there is currently no return date.

According to PeckShield, the hack ranks sixth in its cross-chain bridge exploit ranking.

MultichainOrg was drained of approximately $126 million worth of crypto, which ranks it #6 in our cross-chain bridge exploits ranking. To date, approximately $1.92 billion associated with cross-chain bridges have been stolen over the past three years.

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