$130 Million Worth of Crypto Vanishes: Is Multichain the Next Target for a Massive Exploit?

The Multichain MPC Bridge Platform Experiences Abnormally Large Outflows

The Multichain MPC bridge platform has recently seen a significant amount of cryptocurrency being moved out, raising concerns about a potential exploit. Over $130 million worth of crypto has been withdrawn from the platform, causing alarm among observers.

Key Points:

$102 million worth of crypto was withdrawn from the Multichain Fantom bridge on the Ethereum side, along with $666,000 worth of Dogecoin and $5 million from Moonriver.
Several other significant withdrawals were made, including Wrapped Ether (WETH) tokens worth $13.6 million, Wrapped Bitcoin (WBTC) worth $31 million, and $58 million worth of the USDC stablecoin.
The Dogecoin bridge’s Ethereum contract saw a withdrawal of around $666,000, accounting for over 86% of its total deposits.
There are concerns that this event could be a possible exploit, with on-chain investigators warning users and urging them to revoke approvals.
After initial silence, Multichain finally responded, stating that the fund movements were abnormal, and they were investigating the issue.

Hot Take:

The abnormally large outflows from the Multichain MPC bridge platform raise serious concerns about the platform’s security and potential vulnerabilities. With a significant amount of crypto being withdrawn, there is a possibility of an exploit. The lack of immediate response from Multichain adds to the uncertainty surrounding the situation. Users are advised to exercise caution and suspend the use of Multichain services until further information is available.