The Fantom Foundation’s Response to Security Incidents
The Fantom Foundation has taken decisive action in response to a series of security incidents involving the Multichain bridge. Large amounts of crypto assets were moved under suspicious circumstances in two separate incidents, prompting the foundation to endorse Axelar and LayerZero as alternative bridging solutions for the network.
Key Points:
– The incidents posed challenges to liquidity providers, token holders, and users within the ecosystem.
– There is no officially recognized or “canonical” bridge within the network, highlighting its diversity and flexibility.
– Axelar and LayerZero are gaining traction as popular bridging solutions.
– The foundation will continue to assist with awareness and encourage further development options for new assets.
– Multichain has historically been a significant part of the Fantom network but is now being diversified due to recent suspicious activities.
Multichain’s $230 million transfers:
– $126 million was moved in a potential exploit, followed by another transfer of $103 million in diverse assets.
– Users were warned to cease usage of the project and revoke contract approvals.
– Growing suspicions of an “inside job” have emerged, fueled by the disappearance of Multichain’s CEO.
The Fantom Foundation is still awaiting an official statement and guidance from Multichain.
Hot Take
The Fantom Foundation’s endorsement of Axelar and LayerZero demonstrates their commitment to addressing security concerns and ensuring the stability of their network. By diversifying their bridge solutions, they are taking proactive steps to protect their ecosystem and the interests of their community. It remains to be seen how Multichain will respond to the situation and provide clarity on the suspicious activities.
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