Multichain Suspends Operations After $120M Crypto Heist
Blockchain bridge Multichain has suspended operations following a major cyber heist, with up to USD120 million in crypto missing. The company, which allows clients to connect different blockchains, has not resumed operations since the attack, and its social media accounts have been silent since July 7.
The attack, described as unusual by Web3 security solutions company CyVers, involved test transactions and a lack of immediate fund laundering. Hackers stole a variety of stablecoins and tokens, including Tether, Dai, USDC, Chainlink, wrapped Bitcoin, and wrapped Ether. Most stolen crypto was moved from the Fantom blockchain to Ethereum or Binance Smart Chain, with funds distributed across six different addresses.
This is the second time Multichain has been targeted by hackers, with a previous attack in 2021 resulting in USD8 million stolen. The current CEO, Zhaojun He, was arrested in May 2023 on accusations of money laundering, following a winding-up order against Multichain Foundation Ltd. in Singapore. His whereabouts and the company's future remain uncertain.
Multichain, which was holding a reported USD1.26 billion in crypto before the pause, has not yet resumed operations. The ongoing investigation into the cyber attack and the company's future remains a concern for investors and users alike.
