As per the 0xScope protocol, three addresses have received at least $63.2 million worth of USD Coin (USDC) from Multichain, which are now frozen. Another report from Fantom Foundation notes that over $2.5 million worth of Tether (USDT) has also been frozen from two addresses listed as “Suspicious Addresses” on Etherscan.
Over $125 million worth of cryptocurrencies were withdrawn from multiple wallets on July 6th, impacting the Fantom Bridge of Multichain as well as the ecosystems of Dogechain, Moonriver, Kava, and Conflux. The reasons behind these abnormal asset transfers remain unclear.
Multichain has announced on Twitter that they are temporarily suspending their current services without providing a timeline for resumption.
Michael Kong, the CEO of the Fantom protocol, stated that the fund transfer “does not appear to be a typical hacking incident.”
Multichain enables users to transfer tokens across different networks. However, the platform has faced technical and operational challenges since its leadership disappeared a few weeks ago.
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