A web3 crypto cross-chain protocol has been hacked at a cost of more than $100 million, according to a blockchain watchdog.
New data from cybersecurity firm PeckShield reveals that bad actors were able to steal $126 million from Multichain’s Fantom (FTM) bridge, including crypto assets such as Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), and a trio of stablecoins.
Dollar-pegged digital assets stolen from the company include Dai (DAI), USD Coin (USDC), and Tether (USDT).
“PeckShield Alert – MultichainOrg was exploited for ~$126 million. Assets worth ~$118 million were transferred out of the Multichain Fantom Bridge.
Specifically, tokens worth ~$16 million, including DAI, LINK, and USDT, were sent to the address 0x9d57. Other transfers included ~$27.6 million USDT and $30 million USDC sent to addresses 0x027F and 0xefeef, respectively.
In addition, 1,023 wBTC (equivalent to ~$30.9 million) were moved to address 0x622e5, and 7,214 wETH (~$13.6 million) were sent to address 0x418e.
Multichain noticed about the incident and tell users to stop using their services until an investigation into the matter is completed.
“The locked assets on the Multichain MPC address have been abnormally moved to an unknown address. The team is unsure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain.”
The firm say it is discontinuing its cross-chain service and there is currently no date for when it will return.
According to PeckShield, the hack ranks sixth on its “cross-chain bridge exploit leaderboard.”
“MultichainOrg has been stripped of ~$126M in cryptos, placing it at #6 on our cross-chain bridge exploit leaderboard…As of today, ~$1.92B related to cross-chain bridges has been stolen in the past three year.”
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