The Multichain Bridge (MULTI) has suffered a significant setback, as approximately $130 million worth of cryptocurrencies have mysteriously vanished. Tokens such as LINK, wBTC, wETH, and stablecoins on Fantom are among the assets that have been lost, raising concerns about the platform’s security and reliability. Users are urged to take immediate action to protect their assets.
Investigation Launched as Multichain Bridge Funds Disappear
In the latest announcement, the Multichain Bridge project has reported the sudden disappearance of $130 million in crypto assets. The team has initiated an investigation to determine the cause of this alarming incident. Notably, popular tokens like LINK, wBTC, wETH, and stablecoins on Fantom are among the missing funds.
This incident is affecting assets on Fantom, Moonriver, and Dogechain chains. Specifically, the total amount transferred is 130 million USD, which includes:
- Fantom: DAI, LINK, and USDT with a total value of $20 million; 1,023 wBTC (about 30.9 million USD), 7,124 wETH (about 13.6 million USD), and 57 million USDC
- Moonriver: $6.8 million in wBTC, USDT, USDC and DAI
- Dogechain: $600,000 in USDC
Read more: Multichain Protocol Update: Confronts Unforeseen Hurdles
Users Warned to Suspend Multichain Services and Safeguard Funds; $MULTI Continues Downward
As a precautionary measure, Multichain has issued a warning to all users, advising them to immediately suspend the use of its services. Additionally, users are urged to revoke any contract approvals associated with Multichain. This urgent action is necessary to minimize potential risks and protect users’ assets from further losses.
At the same time because of the problem of Multichain, Binance has temporarily suspended the top-up of tokens via the bridge associated with the project. Deposits for pairs POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC and DEXE-BSC have been affected by This situation. The disruption in Multichain’s cross-chain bridge service has had a significant impact on the Fantom network.
Conclusion
The loss of $130 million in crypto funds from the Multichain Bridge has raised serious concerns within the blockchain community. Users are encouraged to exercise caution, suspend Multichain services, and revoke contract approvals as a protective measure. This incident highlights the importance of thorough due diligence when engaging with decentralized finance projects. By prioritizing security and acting swiftly, users can mitigate the impact of such incidents and contribute to the establishment of a safer DeFi ecosystem.
