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Today in Crypto: Multichain Halts Operations Due to Lack of Funds and CEO's Arrest, Indonesia to Launch National Crypto Exchange This Month, US SEC Acknowledges Bitwise's Spot BTC ETF Application
14.7.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Today in Crypto: Multichain Halts Operations Due to Lack of Funds and CEO's Arrest, Indonesia to Launch National Crypto...
The Fall of Multichain: A Tale of Unexpected Turbulence and Security Breaches
14.7.2023
In an unforeseen chain of events that unfolded between May and July 2023, the CEO of Multichain, Zhaojun, was apprehended by Chinese authorities, destabilizing the blockchain project. The situation escalated when user assets began to be transferred to unknown addresses. From Seizure to Shutdown:...
Multichain stops operations over lack of funds
14.7.2023
The Multichain team said that the team’s funds and access to servers are currently with their CEO Zhaojun who is under Chinese police custody
Crypto Bridging Protocol Multichain Ceases Operations After CEO, Sister Detained in China
14.7.2023
Multichain said it has been forced to take the action "due to lack of alternative sources of information and corresponding operational funds."
Multichain Executor has been 'draining' AnySwap tokens: Report
11.7.2023
The contract has used an “anySwapFeeTo” function to transfer hundreds of thousands of dollars worth of tokens to itself, which on-chain sleuth Spreek suspected may have been malicious
Multichain's ‘mysterious withdrawals’ have whiffs of a ‘rug pull’ — Chainalysis
11.7.2023
Chainalysis told Cointelegraph that they were “describing it as a possible rug pull,” based on an analysis of Multichain’s spurious transactions and internal problems
Connext founder proposes 'Sovereign Bridged Token' standard after Multichain incident
10.7.2023
EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks
Blockswap to host Multichain ERC20 side event at ETHCC
10.7.2023
Industry leaders in Ethereum are congregating at Blockswap’s MultichainERC20 event at ETHCC to discuss the most pressing topics in Ethereum. The event will introduce new protocols, further decentralizing Ethereum by empowering the user. The two main sessions are open for all to attend...
Multichain attack triggers Twitter phishing scheme for FTM distribution
9.7.2023
A phishing link was included in the tweet and shared with the affected users of the hack, leading them to believe it is associated with Fantom Foundation
Circle, Tether freezes over $65M in assets transferred from Multichain
8.7.2023
Multichain has suspended its operations after an unexplained transfer of crypto assets worth millions of dollars took place on July 6
Multichain Breach Forces Circle to Freeze $63 Million in USDC
8.7.2023
USD Coin (USDC) issuer Circle has frozen $63 million belonging to three wallet addresses associated with the hack of the cross-chain bridge platform Multichain.
In a Friday tweet, security firm PeckShield revealed that Circle has frozen $27.65 million, $30.1 million, and $5.5 million in three...
Multichain Woes: Users Informed of an ‘Abnormal’ Transfer of Assets to Unknown Address
7.7.2023
Users of the cross-chain protocol Multichain were on July 6 informed of an abnormal transfer of lockup assets on the Multichain MPC address to an unknown address. While the Multichain team has urged users to stop using the cross-chain protocol, Binance CEO Changpeng Zhao (CZ) told his followers...
Fantom Coin is Going to Zero After Multichain Bridge Hack but Crypto Whales are Accumulating This Other Coin Instead – Just 10 Days Left
7.7.2023
The price of Fantom Coin (FTM) has dived by 11% in the past 24 hours, after a hack of Fantom's Multichain bridge resulted in a loss of cryptocurrencies worth upwards of $126 million.
At $0.266907, FTM is now down by 14% in a week and by 10% in the last 30 days, with the altcoin remaining up by...
Multichain Team Confirms Exploit Across Fantom, Moonriver and Dogechain Bridges
7.7.2023
“It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain,” developers said early Friday
Multichain MPC bridge sees $100M+ outflows, sparking fears of exploit
7.7.2023
Some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit is underway
Multichain Bridges Experience Unannounced Outflows of Over $130M in Crypto
6.7.2023
Multichain's bridges for Fantom, Dogechain and Moonriver are seeing major unexplained outflows
What is the ZK industry up to? Rollups, multichain bridges and VCs
6.7.2023
As an emerging technology, how can zero-knowledge proofs remedy many issues across the crypto space?
Binance Halts Transfers of Multichain-Linked Tokens Following May Incident – Here's the Latest
5.7.2023
Starting July 7, 2023, Binance will cease to facilitate deposits and withdrawals of several cross-chain bridge tokens associated with the Multichain project across specified networks.
This suspension will remain in effect until further notice.
The decision to suspend support for these tokens...
Binance ceases support for deposits and withdrawals of suspended Multichain-bridged tokens
5.7.2023
This decision has implications for users who utilize bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche blockchains
‘Storage Proofs’ Touted as Alternative to Hack-Prone Bridges in Multichain World
21.6.2023
Storage proofs, a feature that could minimize cross-chain exploits by allowing users to keep their assets on one chain and prove that it's there on a different chain, will go live on Starknet soon