Web3 Crypto Project Multichain Hit With $126,000,000 Exploit: PeckShield

A web3 crypto cross-chain protocol has been hacked to the tune of over a hundred million dollars, according to one blockchain watchdog.

New data from cybersecurity firm PeckShield reveals that bad actors were able to steal $126 million from the 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 pilfered from the firm include Dai (DAI), USD Coin (USDC), and Tether (USDT).

“PeckShield Alert – MultichainOrg was exploited for ~$126 million. Assets valued at ~$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 involved ~$27.6 million USDT and $30 million USDC sent to addresses 0x027F and 0xefeef, respectively. Furthermore, 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 commented on the incident, telling users to cease using its services until an investigation into the matter is completed.

“The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure 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 says it will be ceasing its cross-chain service and that there’s 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 drained of ~$126 million worth of cryptos, ranking it at #6 on our cross-chain bridge exploit leaderboard… As of today, ~$1.92 billion associated with cross-chain bridges has been stolen in the last three years.”