Suspension of Multichain Services
Following the detection of a substantial token movement from Multichain’s bridging networks to an undisclosed address, the platform has temporarily suspended its services. The reason for this exploit remains unknown, and the team is conducting an investigation into the incident. Users are advised to cease utilizing Multichain services and revoke any contract approvals associated with the platform.
Key Points:
– Multichain has suspended its services due to a significant token movement.
– The cause of the exploit is unknown, and an investigation is underway.
– Users are urged to stop using Multichain and cancel any contract approvals.
– All bridge transactions will remain suspended with no confirmed resume time.
– The incident has resulted in the freezing of $63 million worth of USDC.
Circle Takes Action
Circle, the issuer of USDC, has taken action against three wallet addresses involved in the security breach on the cross-chain bridge platform Multichain. Approximately $63 million worth of USDC has been frozen as a result of the breach, where $126 million worth of cryptocurrency assets were transferred to multiple third-party wallets. The specific details of the breach and the identities behind the transactions are still unknown.
CZ Assures Binance Users
Changpeng Zhao, CEO of Binance, assures users that the Multichain incident does not affect Binance or its users. Assets have been swiftly transferred and deposits have been halted as a precautionary measure. Binance offers its assistance in helping with the situation and emphasizes the importance of user asset safety.
Hot Take
The suspension of Multichain’s services and the subsequent investigation into the token movement raise concerns about the security of cross-chain bridge platforms. This incident highlights the need for stronger security measures and increased transparency in the crypto space. Users should be cautious and take steps to protect their assets by utilizing trusted platforms and ensuring the security of their wallet addresses.
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