Multichain Continues to Witness Unusual Outflow of Funds
A total of $117 million worth of funds has been detected moving out of Multichain to a suspicious wallet, following a withdrawal of $130 million on July 7.
Multichain Continues to Witness Unusual Outflow of Funds
Over the past 12 hours, the cross-chain project Multichain has observed a significant outflow of $117 million to a new and suspicious wallet identified as 0x1eed63efba5f81d95bfe37d82c8e736b974f477b, with the cause remaining unclear.
In the past 12 hours, Multichain experienced a large number of abnormal outflows again, and all the abnormal outflow assets were basically transferred to the new address: 0x1e...477b, worth about 117 million US dollars.
— Wu Blockchain (@WuBlockchain) July 11, 2023
11.91m DAI, 13,146 ETH, 10.1m USDC, 64m USDT, 52 BTC…
Read more: Arken Token
The withdrawn funds include various tokens from:
- Fantom: 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, 52 BTC
- Arbitrum: 2,891 WETH, 8.7 million USDC, 7.5 WBTC
- BNB Chain: 209,000 USDC, 50.8 BTCB
- Avalanche: 2.38 million DAI
- Cronos: 33.76 WBTC.E, 667.4 WETH, 9 million USDC, 616,000 DAI
- Polygon: 199,000 USDC, 5,582 WETH, 7.05 WBTC
The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains.
— Multichain (Previously Anyswap) (@MultichainOrg) July 7, 2023
There is no confirmed resume time.
Please don’t use the Multichain bridging service now.
Multichain has not yet issued any statement regarding this recent activity. However, on July 7, when the platform experienced a substantial $130 million outflow, the project advised users to cease using bridges, with transactions from the source chain temporarily frozen and no further explanation provided.
Nevertheless, $63 million USDC withdrawn from Multichain during that incident was reportedly frozen by the issuing organization Circle, similar to Tether's announcement of freezing $2.5 million USDT on the Ethereum network.
