Saturday, February 24, 2024

Multichain Reports Unusual Outflows Worth Over $100M

In the past 12 hours, a large amount of assets has unusually flowed out from Multichain. These assets, which include a variety of cryptocurrencies, have been transferred to the new address: 0x1eed63efba5f81d95bfe37d82c8e736b974f477b. At the time of writing, the net worth of all assets transferred is $102,834,504.

The assets that have flowed out are approximately as follows:

  1. From Fantom: 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, 52 BTC
  2. From Arbitrum: 2,891 WETH, 8.7 million USDC, 7.5 WBTC
  3. From BNB Chain: 209k USDC, 50.8 BTCB
  4. From Avalanche: 2.38 million DAI, 33.76 WBTC.e
  5. From Cronos: 667.4 WETH, 9 million USDC, 616k DAI
  6. From Polygon: 19.95k USDC, 5,582 WETH, 7.05 WBTC
  7. From Moonbeam: 237.6k USDC
  8. From Optimism: 37k USC, 21.91 WBTC, 10.36 million DAI
  9. From Ethereum: 15k DAI

On July 7th, the Multichain team announced via Twitter that the assets locked up on the Multichain MPC address had been moved abnormally to an unknown address. The team was unsure of the cause and began an investigation. They recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain. They also announced that the Multichain service had been stopped, and all bridge transactions would be stuck on the source chains. They did not provide a confirmed time for resuming the service and advised users not to use the Multichain bridging service.

On July 8th, Circle and Tether, two major stablecoin issuers, froze over $65 million in assets that had been transferred from Multichain. This amount represented about half of the assets that were abnormally moved.

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